@RebelCPA
I was an out-of-state student and graduated in 2012. Let me try my best to answer your question. I'll break it down into 2 categories:
1. What is your son (just gonna refer to your offspring as a son to make it easier) hoping to get out of the college experience. Is he interested in all the "add-ons" that come outside the classroom like athletics, fraternity, local events, eateries, festivals, nature? Or is he more just geared toward his studies? This is important to consider. If your son does value experiencing cool stuff outside the classroom, that's a huge check mark for Carolina, especially compared to private schools. UNC offers such excellent athletics (which are free for students to attend by the way) as well as the area of Chapel Hill is located so close to many amazing places, that it is a huge positive about UNC. Personally, I wanted no part of a school that didn't have major D1 athletics. That truly adds to campus life and the college experience, in my opinion.
Please note: Don't think that I'm saying Carolina isn't for him if all he wants to do is go to class. That's not what I'm saying! As y'all know, Carolina is a great academic school. I'm merely contrasting UNC with private schools, especially if it's private schools in the North -- UNC just has so much more to offer than just class. It's in a really good area and in a really amazing state.
2. Does your son plan on doing graduate school after undergrad? This is where UNC might not make sense to you and your son, financially. If he knows he wants to attend graduate school, and especially if you're going to help him finance graduate school, then Carolina might not make sense for y'all. Perhaps that money would be better served at a cheaper in-state school so that y'all can save up for graduate school. However, if your son wants to major in something that won't require additional schooling after undergrad (journalism, just to name an example), then that should definitely be a check mark in UNC's favor. You'll find that Carolina is nationally ranked in most of the majors it offers.
**I'd be remiss not to mention this as well, and I'm sure some will rip me for this, but it would be unjust not to include this information. Despite the fact that the state of North Carolina is a "purple" state that leans slightly right, UNC is far, far from "purple." It is a very, very liberal campus and touches a town called Carrboro that is even further liberal (think of your stereotypical millenial liberal and that's Carrboro). Now, I come from a very conservative family and knew going into it that UNC was going to be very liberal. Just know that going in. Sure, there's conservatives there too, but the liberal voice certainly rings loudest. Your son will experience it when he reads the Daily Tar Heel each day, and will experience it every day on campus when he sees all sorts of activist groups speaking out about topics and issues. Now, this isn't necessarily the end of the world. This experience helped solidify my political views and my world views and certainly made me more secure with my beliefs and opinions -- which is part of what college is about. I'm not saying your kid is going to turn into a hippie or anything, I'm just making you aware that UNC is significantly further left than is normal for a college campus (most of which all lean a bit left as it is).
Hope this helps!!! UNC has faults but it truly is a fantastic school and you cannot go wrong there if that's what y'all decide.