Parents of Applying Seniors, Be Honest About Finances Now

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You missed this scenario:

C. Student enrolls anyway fancifully thinking, along w parents, that the money will somehow manage to come together for 4 years. After not being able to scrape up enough money for even Year 1, the embittered student ends up withdrawing and then transferring to a cheaper school.

An example:
http://talk.collegeconfidential.com/financial-aid-scholarships/1845895-help-with-tricky-situation.html#latest