Разориться here doesn't nessessarily implies they aren't able to pay their debts after paying huge tuitions, but it's rather about paying huge amount of money. So I'm wondering if "go bankrupt" would work here.

It does if they don’t mean it literally.

Hm, and if they meant it literally? I'm kind of confused.

I am too. I looked up разориться in the dictionary when I did this translation and it defined it as to go broke/bankrupt. So if figured it was being used figuratively for someone who's willing to spend a lot of money/break the bank paying for their child's education. Or am I missing something?

>So if figured it was being used figuratively for someone who's willing to spend a lot of money/break the bank paying for their child's education.
You're absolutely right. It's just I didn't knew it could be used that way. 👍 To me, разориться reads better followed with на.
Он разорился на дорогущую машину.
Когда она увидела это платье в витрине, она решила на него разориться.

No idea. I didn’t write the Russian)) But I’ll edit it if you tell me to.

No, not a big deal. My version is привычнее, but that one is also допустима. 😉

Btw is this translation correct?
Твой папа разорился на новую тачку?
Your dad splashed out on a new motor?

I believe so, I think British people say that.

A new car

Ah! Good to know)

Americans say Your dad SPLURGED on a new car.

Надо запомнить, особенно если это значит «разорился». Потому что его часто спрашивают, а вразумительного перевода, вроде, не было. 👍