Do not worry. The only universities worth that kind of money are the Ivy leagues schools such as Harvard, Yale, Princeton. They are worth it just for the contacts you make when in school. The fact is personal relationships open doors that are not open to most people.
Now, if he could get into Cal Tech or MIT, I would sacrifice.
I also recommend he start his LinkedIn.com profile now. Start listing those projects online to help him get the better summer jobs.