I just had to make the same decision. I had applied to the Webster Conservatory for Stage Management, and it was between there and a state school where I would be able to go practically for free. A halfway decent program, but not specialized enough for my taste.
I was one of 6 that got into Webster, and I feel happy with my decision to go there. Sure, it's much more expensive, but the experience and training is going to be sooo worth it in the long run. It's also closer to home for me, so it's convenient as well. I told myself that just getting in would be a great accomplishment, and that it obviously meant that they saw enough potential in me to succeed in their program. So if I got into Webster, great, I would go there. If not, then I wouldn't be too terribly dissapointed because that meant I was lacking whatever it was they were looking for, and could go to school or free.
So I'm going to be paying off loans for the next 10 years. But there's also a better chance that I'll be working and able to pay off those loans.