Yes, they certainly could, and have. For instance, the ROI on a BS is much better at many tech schools than a BA at the Ivies or Ivy-equivalents. But that’s early in one’s career. Mid-career, a prestigious school might come out ahead. Depending…
The problem is, most kids/parents who run up debt aren’t at prestigious schools.
I come from a background and current location where no one gives a d*&m about SLACs, or the Ivies. Most of my friends have advanced graduate degrees and come from many different backgrounds, and they are all successful.
Kids can bloom where they are planted, and talent rises. We just need to have more faith in our children, and support them, instead of thinking that what school they end up at determines their worth. It does not.