Your numbers are way off base. "Among graduating 4-year undergraduate students who applied for federal student aid, 86.3% borrowed to pay for their education and the average cumulative debt was
$24,651. (For just federal student loan debt, excluding PLUS Loans, the figures are 61.6% and $17,878."
Now, a small number of people get into huge amounts of debt but it's uncommon because normally it's irrational behavior. Going to a big name school is much like buying a Prada handbag there are upsides and a lot of social pressure to do so, but for most people it's simply a bad idea.
PS: The best case for Harvard is vary good, but so is buying a lottery ticket. Once you consider a wider range of outcomes and risk vs reward things shift. EX: Consider what happens if you don't like being a Doctor?