We are asking the same questions. My Junior has an idea of where he wants to go, although he has not looked carefully yet, and the first choice so far is $50K if he lives on campus. I would LOVE for him to go there! But we can afford half of that at best. We will have 2 kids in college at the same time.
I hate for him to not even try, you never know until you find out, but if he doesn't get enough in scholarships and he still wants to go, he will have to take out loans for the portion we can't pay.
Just an FYI, my understanding is that he can't take out much more than the federally guaranteed amount, which won't much of a dent in 50K. Other loans beyond that have to typically be co-signed by a parent. I've already told my kids I won't do that. Period. YMMV.