How about applying to a good in-state school and majoring in something besides aviation while getting your ratings on the side? This will provide something to fall back upon should you get furloughed, fired, disgusted, disappointed with this industry in addition to the possible loss of your medical?
I've flown with many riddlers and those who went to aviation schools. Nothing about their education made me think "gosh that was worth $200k+"
Just because your parents are "well off" doesn't mean you should squander resources. In the end, my license looks the same as yours. Neither I, nor many others, will give a rat's behind that you went to riddle, purdue, et al. In fact bringing a non-aviation perspective into the cockpit makes for a more enjoyable conversational experience.
Above all else, these guiding principles apply:
1) Never pass up a bathroom
2) Never trust a fart
3) Never sign a training contract, promissory note, or any other kind of debt instrument
Most of all, have fun and take your time.