For any player, school should be (but we know it isn't always so) the first consideration.
Finances are a personal matter. Personally, I don't think I would want to spend my money on a so-so education just so my son could play baseball in college, unless I had money to burn, which I don't. Grants and financial scholarships are not easy to get these days from the government. For most, their HS baseball days end when they enter college. And for those who play in college, their playing days end when handed their diploma.
If an out of state school is very much interested in a player, they can give out of state waivers, something one might ask if the offer comes up.
Sometimes, I know it is hard, but the dream has to end at sometime. I know that many players who are committed to the dream, work VERY hard at the game but still end up spending a lot of time on the bench. This is not how I would want my son to spend his time in college.
As Justbaseball suggests, it is up to the player, they have to decide their priorities before they feel comfortable with their final decision.