your financial aid analysis is wrong. (1) the amounts one is allowed to borrow as an undergrad are limited. when i was going it was like $4-5k a year in loans. that could only ever add up to like $20-30k. those are not the big debtors. the big debtors went on to professional school or the unfunded version of grad school. at grad level you can rack up like $20k a year. that's where the mortgage-debt comes in.
(2) i don't think state school has been affordable on an actual summer of work since like 1960 or so. i used to work 40 hour weeks college summers. at $7-10/hr that's like $4-5k in a summer if you have zero expenses and no partying or spending. state school cost more than that decades ago when i went. the only school one can literally afford out of pocket anymore is juco or part time, one class at a time.
(3) my personal experience good academic well endowed private LACs made me a better drive out financial offer than did state schools. state schools don't tend to give out a bunch of grants and scholarships widely to reduce the drive out cost. privates do. my best offers in terms of drive out cost were first tier LAC -- not state schools with roughly similar academics. now if daddy has some money -- mine couldn't contribute a cent -- maybe you+daddy could hack it. but it was my screwball experience the more expensive schools made it easier to afford in terms of immediate cash needed. and wanted me to play sports there. QED.