If students are graduating from the elite schools with $100K in debt, something went wrong. Those schools are all need-blind and promise to meet your demonstrated need, and loan amounts were capped even before the shift away from them. Financial aid doesn’t come up with calculations that demand $25K/year in loans, ESPECIALLY not for students from families with no money.
I was a scholarship kid at an elite school. I came out with $13K in loans.
Also, the point about going to elite schools is that the law school will accept the dance major, because they know you can’t get through NameOfIvy without the writing and argumentation skills required in law.