There are over 50 colleges and universities in the US that have need-blind admissions and cover the full financial needs of their US students. That means if you can get in, you can go. You try to make that sound insignificant, but it's not.
Yes, but a lot of those colleges are offering loans as a large part of that financial aid. So, sure, a student may be able to attend a top-tier college, but he could end up with a mortgage-sized debt after four years there. For example, a family member owes something like $55-$60K for a recent Ivy education. Some students end up owing $100,000 or more.
In my opinion, it's not worth it. I went to an elite women's college back when students weren't allowed to borrow so much. I only owed $7,000 when I was done. The bankruptcy laws were different then, and loans weren't handed out like gift cards.
