You skipped AP and IB classes. If a student can score 4s and 5s on an AP test, they are ready for a challenging, competitive institution. If they can't or haven't taken AP classes, they should save their money and go to a community college first, and get used to the harder work, and basically see if they can do it.

You also haven't mentioned that the college graduation rate in the USA is only 47% over four years and 61% over five years. Any college where fewer than half the students graduate, and there are many, is a f--king racket. They don't get the tuition money back. Typically graduation rates at the Ivies are over 95%. At Princeton it is almost 98%, primarily because they get the best students.