Note that debt beyond the federal direct loans would be parent loans or cosigned loans.
Itās still not clear to me how much debt the student would have to take out at Columbiaā¦that is an important consideration. Everyone will have different opinions as to how much is too much, but IMO $100K (the high end of the range on the OP) is too much even for Columbia. And I would still like to know how the student feels about the core curriculum, and what the current team members say about academic-athletic balance.
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As a general source to consider, Columbia appears in this Forbes article on colleges worth their expense:
I still sayā¦
Take athletics out of the mix. What college would he choose if athletics were not in the mix?
Also, you say he has to go somewhere where he is a recruited athlete. Would he consider playing his sport as a club sport if available? That might open up some other admissions opportunities that are within your price point.
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Your son is being offered an opportunity to attend one of the finest universities in the world, and it appears the price is manageable. Why wouldnāt he accept it?
I think there are a very small number of schools that are worth burning your savings and/or taking on some debt.
Columbia is one of those schools.
You donāt turn down an opportunity like this.
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It is unclear to me as well as it changes every year & currently calculated on pandemic (low) income. 2021 much higher. Thatās why I guessed $35k-100k depending. (total cost $125k-$200k - depending - $90k in college fund = $35k-100k) As opposed to UT @ close to free then still having the $90k left for grad school for a more mature person to use & potentially emerge with advanced degree & no debt.
Your child would have 27k in federal loans (5.5k for freshman year, 6.5k for sophomore year, 7.5 for jr/sr years) and would have a part time job (full time after HS graduation) to save money.
As a result, the final debt for parents would be close to zero
Columbia sounds affordable and if the pre read is favorable, Iād go either with Columbia or with another college at that level.
Note that there is NO guarantee heāll up his game at Toledo and will have a GPA/resume that guarantee grad school. He could just goof off thinking itās easy to catch up 
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The era when top grad MBA schools took kids directly from undergrad is long over. It is significantly harder to get the type of job grad schools want to see from Toledo, which is why there will be far more Columbia grads than Toledo grads in top grad schools. It can be done from Toledo but requires enormous effort and quite a bit of luck. If you want a local, state-based grad school, Toledo is probably ok for that.
Top MBA programs exceed 100k/year in cost, by the way.
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If your son is determined to do the academic work at Columbia. I would go to Columbia. The academic and social experience and training will last him all of his life -spread out over 40 plus years of career and 60 plus years of life - shows the cost of a Columbia dedication top be a real bargain. Plus, the college would provide financial aid of some kind,most likely. You donāt turn down the chance to study at a world-class institutiona like Columbia unless it is Harvard, Yale, Princeton.
If Columbia sees something in your son, I would do my best to encourage him and to work hard in whatever he does. Seize the opportunity with both hands - and excel.
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