They shouldn’t take massive loans but a lot of prestigious institutions have excellent financial aid so the dichotomy isn’t “English at Kenyon with major debt vs. English at Central Arkansas without”. It may well be "Kenyon with federal loans, or central Arkansas without ", in which case Kenyon is the better value for an English major.
If the family can afford the school without parent loan, it’s worth it for the child even if sh/e could go for cheaper at a 'lower ranked ’ school. For those from higher income brackets who need merit aid, the trick is in leveraging what one has (cultural capital) to find what is needed - Chinese at West Kentucky, IR combined to IB at usc Columbia Honors, etc.