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I think a major difference is the way college costs are marketed now. An ultra expensive school presents parents with packages on exactly how the expenses can be covered. They didn't do things this way back in my day, essentially the family was on its own to figure out what combination of scholarships, grants, loans etc. could be qualified for and used to cover costs. I think there was less of a tendency to apply to stretch schools, especially when the costs were going to be high. Families generally tried to keep budgets in mind and applications were made to realistic schools, both in terms of costs and admissions. Now it seems it's more along the lines of "let's figure out the very best schools you can get admitted to THEN worry about the finances.
I am seeing a lot of young people and their parents with crippling education debt. People are making reckless financial decisions that will follow them for the rest of their lives all for the sake of attending a school they perceive as more prestigious.
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