You posted that students could “choose a different–generally a public–college. Simple.” in response to my stating that the top students chasing merit $$ money often need full-tuition/full-ride scholarships. Room and board is around $10,000. It is not “simple” to find schools to replace those scholarships. Those students choose those schools, typically lower ranked publics, specifically for their merit awards.
While you might find it ludicrous, we know a lot of kids who fit that profile. Fwiw, categorize us in the “ludicrous” category, as well. 
Our kids’ budget for college pretty much falls into that range.