If you add room and board, you’re about $150,000 short. If they scrimped and saved $50,000 for college your whole life, how are they suddenly able to pay $50,000 a year for college…without any debt? If they had that much money, they either wouldn’t need to save at all, or that amount would be much bigger. To be honest, this is starting to sound like wishful thinking.
Here’s my advice. You have $50,000 in the bank already. That’s just enough for 4 years of college, with room and board in Texas. Take it. That’s basically a 4 year scholarship completely debt free. Even if you could afford Penn State right now, that might not be true in the next 4 years. If money gets tight in your junior or senior year, most your credits won’t transfer, and you’ll be totally screwed.