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That's a tough situation. There are a few options:
1) If you and your spouse had the foresight to have a company outside of the U.S. for a least 1 year out of the last 3 years, you could apply for a green card for the entire family. Here is a link to the EB-1C:
The EB-5 is another possibility, but your investment has to reach $1,000,000 or more and create 10 jobs for U.S. workers at least. The investment amount could be $500,000 or more, but it would have to be in a rural or high unemployment area as designated by the U.S. government.
2) If he is paying X amount for tuition while on a E2, that should not change just because he changes to F-1. So verity that with the school.
3) Change schools.
4) Yes, there are plenty of scholarships and loans for deserving students. Many are only for U.S. Citizens or U.S. Lawful Permanent Residents, but many are open to any deserving students. You should discuss this with financial aid at his current school and any other schools he may desire to transfer to.
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