The processes of choosing a college and being accepted by a college are analyzed, based on data on nearly 23,000 seniors from more than 1,300 high schools from the National Longitudinal Study of the Class of 1972. Econometric modeling and descriptive statistics are provided on: student behavior in selecting a college, choosing school/nonschool alternatives, decisions by colleges concerning grant aid allocations, the enrollment effects of the Basic Educational Opportunity Grant Program, graduates' postsecondary school and early work experiences, and individual and family attributes that affect student application and college acceptance. The predictive validity of test scores and high school performance is also examined. Among the findings are: most high school graduates would be admitted to some four-year colleges of average quality, were they to apply; applicants do not necessarily prefer the highest quality school; high school class rank and Scholastic Aptitude Test (SAT) scores are equally important in college admissions; federal scholarship aid has had only a small effect on enrollments at four-year colleges but a much stronger effect on attendance at two-year colleges; and the attention paid to SAT scores in admissions is commensurate with the power of the scores in predicting persistence to a collge degree. (SW)