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<p>If a family has a low EFC, the choice is more like:</p>
<p>Elite school = the same as other schools, or maybe a benefit?
Public school = the same as most other schools, maybe worse than elites? + $200,000</p>
<p>You naively call potentially wasted money of a huge amount a “risk investment”. I don’t think you understand how much money that is to some families, and the level of sacrifice some people have to deal with for something that “may not yield any significant returns.” </p>
<p>If you’re rich or have great scholarships, then yes that is a reasonable decision. For everyone else, it’s more complicated than that.</p>
<p>Your “air bag” analogy is a terrible one: does a car with an airbag cost perhaps one hundred thousand dollars more than one without? That’s ridiculously understating the problem. You might as well argue, “Some people say snack products made with whole wheat are healthier than ones made with refined grains - yet we choose to spend money on those anyway. Clearly, you should pay for the most expensive/elite college possible!”</p>