With undergrad degrees becoming as generic as high school degrees, I'm going to encourage my kids to go to state schools, which are significantly cheaper than private liberal arts universities. You still have the same opportunities post-grad. I went to a private liberal arts school, and I'm still paying off 15 grand of left-over loans after my scholarships. I like to think that because I've been through the ringer and inside-out through the world of academia, my kids are going to benefit a lot from financial loopholes that I can help guide them around. The only advice my own parents were able to provide for me when I was 18 was: "go to college - make sure it's a well known school too."
They come from an old world understanding that a Ivy League diploma equals a high paying job. While that was probably the case up to the 60's and 70's, times have dramatically changed. Anyway, I was the first generation in my family to touch and trudge through college waters, so when it came to financial shit, I didn't know where to look for extra money.
Steiny, if I makes you feel any better, I don't believe that any parent is obligated to pay for their kid's education. It's a team effort, and in the end I think the kid appreciates it a lot more if they have to pay for some part of it. That said, the real question is which is it going to be for your brood - BYU or Utah State?