<p>Parent of a current U of Chicago student (on finaid) here. </p>
<p>I’m very sorry to hear that your folks cannot or will not help you out; this is one of the many unfairnesses of life. If you are looking at 40k after aid, there are some pretty significant assets or income in your family. However, all families are different; assets can’t always be freed up with any ease. </p>
<p>I would strong advise you to attend the honors program at your state university, and work as hard as you can to to keep your indebtedness down. 40K in the hole is pretty stiff … 160k is, IMO, completely irrational for a student to take on.</p>