[DD has a friend who had to decline the admission offer at her 1st choice school because very little merit aid was offered and the family couldn't afford the high cost of attending. She has paid a deposit at one of her backup choices, a very good school and very affordable after scholarship offers, but she's still pining away hoping she gets an offer from a waitlist school. I'm just shaking my head because clearly she's not going to get the big merit aid offers coming off the waitlist, if it even happens, and the waitlist school is the most expensive by far. I do feel bad for her because she has worked very hard to be top 10 in our large, competitive HS and I know she, and her parents, were hoping that would provide more opportunities than it has, but I think some of these kids just get so invested in the idea of certain schools it's hard to face the reality of what's financially feasible.
I see it happening with athletes as well. Another of DD's friends has been focused on volleyball to the exclusion of almost everything else for at least the past 4 years, probably longer. She played HS, she played club, her parents hired a recruiting firm, she went to more college showcases and summer camps than anyone I know. Deposits are now in at 2 schools, a D2 and a NAIA level. Both offered her a spot on the team and some money, but not even close to the big D1 full ride she, and her parents, were hoping for.
Yes! to the bolded! Shooting for a reach or expensive choice with the hope of big merit money is fine but do it with eyes wide open and applications also in at schools that you can absolutely afford.