A survey was conducted to examine the behavior of students as they decide where to go to college; in particular, the effects of financial considerations on their decision are examined. Admissions data from a group of select private colleges and universities are described along with trends in admissions at these schools. A random sample of parents of high school seniors who took the College Board examinations in the 1970-71 academic year and achieved a total score of at least 1100 on the SAT's was taken regarding the basis of their children's application decisions. The SAT scores are analyzed in relation to family income and college costs. The main conclusion drawn from the economic analyses is that, of the variables explored, educational considerations are the primary determinants of college applications. Students try to find schools that closely match their own academic abilities; financial considerations are only secondary. Neither cost nor income has much effect on applications, although both are statistically significant. The implications of this conclusion for the private colleges and universities are discussed and projections of the effect of future cost increases for this select group of institutions are made. (JMF)