<p>You might want to run the calculators at a couple of private schools which can be more generous and also may consider your family’s situation with your younger child. Case Western and Lehigh come to mind. (Both are good engineering schools.) Take a look at this thread–
<a href=“http://talk.collegeconfidential.com/parents-forum/52133-schools-known-good-merit-aid.html[/url]”>http://talk.collegeconfidential.com/parents-forum/52133-schools-known-good-merit-aid.html</a>
and also look at the Financial Aid forum; there is a lot of good information over there.</p>
<p>Another thing to think about, were your son to major in engineering, there might be coop opportunities which would help cover some of his costs. One rule of thumb that I have read on this forum is that a student’s debt should not be greater than his first year’s salary. With a little coop income, work study and/or summer jobs, total family debt would probably be in the ballpark. The engineering grads I have known have had starting salaries between $55K and $75K.</p>