Sorry, misguided was a bad word to use. Yale, Harvard, etc already don’t need more money. The reason the crap with admissions is still going on is rich entitled people trying to leverage their money & power to gain an advantage. Having other kids take tests, lying about extracurriculars, etc is likely to cease now that several people got exposed, but make no mistake they’ll find another way to game the system. Most didn’t get where there are by being dumb.
Also, the income threshold is very different depending on where you live. $120k may not go far in NYC, but I’m sure it goes a lot farther in Dothan, Al. That being said, people make choices and you decided to have 5 kids and live in a pricier area. I’m sure you want to educate your children as best you can as we all do, but those economic decision were yours. Allowing families access to loans so their kids can attend college or helping out someone below the poverty line, I’m ok with. However, it’s not government’s responsibility to make life easier if economic choices are made with less regard for the future whether you make $250k/yr or $50k/yr.