I actually had to make the same decision. I looked at the financial aid "award" at Hastings and almost had a heart attack. If you're getting in-state tuition it shouldn't be so bad, correct?
If you definitely want to be in Cali, then I think Hastings is the clear winner, on local rep and connections. I think you can get a great education at either place. Hastings facilities are kinda run down, and the fact that they are renovating their library next year (when we'll be 1Ls) really worried me. I guess you've been there and can judge for yourself. OSU has a really nice building, although it can feel a little high-schoolish because it's all one building.
I liked the environment at OSU more, people just seemed more content. I think this has to do with the fact that OSU is the best law school in Ohio, and the top choice of alot of the students there, whereas UC Hastings definitely had a "I didn't get into Berkeley" vibe. And that "beer on the beach" attempt to create community seemed a little hokey to me. Drinking on a slab of concrete would not be my choice of activities if I lived in San Fran.
Overall, I can see why OSU is moving up in the rankings and Hastings down. OSU is hiring great professors and offering alot of scholarship money to lure better students. Money is what it came down to for me, not only would going to Hastings mean alot of debt, but the Bay Area housing market is really expensive. Ironically, I thought the midwest would be a much less stressful place than northern Cali.
Also, I've visited a half dozen law schools, and OSU's professors are just incredibly accessible and friendly by comparison to all other schools.
But Hastings must be doing something right, their moot court team is exceptional. So after alot of rambling, I'll come back to: if you definitely want Biglaw in Cali, go to Hastings. But overall, I thought OSU had more intanglibles going for it and seemed like a happier place.
Did Hastings really give you loans only? They gave me $$ after I had a short conversation with the dean.