@Dadoroc
If money is an issue and your household income is less than 125k, take the free tuition at SUNY Purchase which has a great theatre program. This way, if you can pay the fees room and board, your D can graduate debt free (as you start putting away some money for your 12 year old).
This will be the greatest gift that you can give her as she is choosing a career path with an uncertain income stream.
Remember, she can only borrow $5.5k. any additional loans will have to be taken by you (not a good move given that you are 62 with another child coming down the pike) or co-signed by you (again, not a good move if your D cannot afford to make the payment).
Remember you are setting a precedent; If you are not willing to do this same thing again in 6 years when the youngest goes to college, it could set up some resentment that may change the dynamics of your whole family.