It’s not unlikely they’ll go Ivy on a merit scholarship. It’s not possible. Ivy and so many more including Tufts, Midd, Gtown, Williams, give only need based aid. Even lower tier (vs the elite) schools like F&M do as well. Why I mentioned W&L and the Johnson which 10% of the class get.
No idea how merit was back when the parents went to school. But most families making $225k aren’t near getting aid. Princeton may be a hope but in general, if an OP wants a full ride they’d have to apply or go to a school like Troy or Southern Miss whose largesse includes room and / or board for top students.
Obviously not the direction OP is going but I think mom and dad, if they haven’t, should learn about aid in the current environment.