How cheaply can you live? For me, if I had a $65,000 salary, I would try to make due on $40,000 of it (including taxes out of this amount). That is what many people live on. The rest could go to student loans.
If you are willing to live cheaply your first few years when you graduate, then you could go to that expensive school.
Some ideas for living cheaply:
- rent a room from a family member.
- live in a studio apartment.
- live on spouse's income only, put your income toward paying off debt.
- move to a cheaper area. Live in a tiny apartment or mobile home there.
- Get a prn job for the weekend.
- Wait to have (more) kids.
You may not be able to get into a BS/MS program because many state schools are not accepting applicants for second bachelor's degrees.
I would go for the private school. You will have an extra year to make money. Use that money to pay for your student loans.