This is just like buying too much house that you can’t maintain because all of your money is tied up in mortgage payments, which far too many people do. The answer is simple - don’t do it.
When my D and I were considering college admissions strategies, I explained to her that at full pay, which we would be, there would be no extras. But if on substantial scholarship, she wouldn’t need to work during the school year, she’d get a generous monthly allowance for discretionary spending, I’d pay for all the study abroad she wanted, and I’d give her the equivalent of in-state costs at graduation. Being financially savvy, she was immediately on board with the merit chase. It’s worked out beautifully. She sees how some of her friends struggle for the extras. One of her main group of friends who are all on the same scholarship spend freely and don’t have campus jobs. It’s nice not having to worry about paying for pizza, etc.