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I grew up in the Dallas area and your cost of living if compared to the burbs in Chicago should drop about 20-30% at a minimum and probably about 40% if you previously were living in the city compared to the Plano area.

As for the local colleges there's plenty of community colleges if you're doing pre-requisite coursework or UTDallas there in the area which is easy to access from the Plano area.

If you have a family then Plano would be a great place to live otherwise you may consider living in the North Dallas area where there's a lot more young folks and single folks in the 20s to 30s.

Hope that helps.
 
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