Yes menloparkmom but room and board at many top 20 colleges(and other schools) far exceeds $10K and the loans would be required to cover the excess cost as well as books and transportation. The student may also be able to get a job for the summer, but likely would not earn very much. Thus, the need for full or very close to full tuition merit scholarship to attend with parental input of $10K.
This student has very good ECs and will likely have good admission results, but may not be enough for full tuition scholarships at elite colleges, as the dad acknowledges.