Using your hypothetical scenario, that still leaves 4 years to make $27000. Between work-study offers, summer jobs, and internships, I don't see that as unaffordable. That doesn't even take into consideration that you're only counting subsidized loans and neglecting the existence of unsubsidized loans, which will cover even more of the difference.
Are you trying to purposefully be that daft? Looks like yes, I was actually wrong on the loans amount. If you include unsubsidized Stafford loans the total limit for the first 4 years is 27K. However, I also underestimated tuition rates, so lets recalculate.
Base tuition at University of Illinois for four years is 48K. It's a lot higher if you take engineering degree by the way, 17K a year for resident or 68K for 4 years. That does not include fees, books, food, transportation and living expenses. The campus fees are actually ~$3600, although ~$600 of those are health insurance that can be waived if the student is on parents insurance. So that's $15K a year at minimum. Plus another $1K a year for books, plus another $2K for food (if the student is frugal, lives on rice and beans, does not eat out, or socialize with other students at all). That's $18K a year for base or $23K a year for engineering student and these amounts DO NOT include transportation or living expenses. If the student is lucky and can commute from his parents home to the college he'll only spend another $1K a year on gas and or metra/bus tickets. If he's unlucky and he comes from rural illinois, he'll have to rent and that's going to be $500/month or about $5000 a year.
Bottom line is the total cost for a 4 year degree from University of Illinois ranges from $76K for a non-engineering degree if the student can live with his parents to a whooping $112k for an engineering degree if the student has to rent a room for 10 months of the year.
Subtracting $27K a given student can take out in Stafford loans for the duration of the 4 year degree, this leaves him having to bring to the table anywhere from $49K for a "basic" read social science degree to $85K for Engineering degree. And remember, that's ON TOP of the Stafford loans.
So please, tell us how that's not "unaffordable"? You can cite anecdotal evidence or fringe cases where students luck out with grants all you want, those are in the minority. Most students will not be that lucky.
AFAIK, the top private and Ivy League schools will pretty much give you a free ride if you can get accepted and if you have financial issues.
Example.
Yes, they'll give full rider to exceptionally bright students, I already said that in my previous post. However, what about bright but not exceptionally bright students from middle class who can't get a full rider? Those students are shut out of Ivy League schools because they can't pay tuition and a kid from wealthy family can. How is it good for society when an average student with money gets accepted because he can pay tuition, but a bright student from middle class has to settle for second tier school because his family doesn't have the money? That is incredibly inefficient and bad strategy in general. Best and brightest minds should go to the best schools, money and family connections should not be a factor there.