The question of whether minority, female, and low income college students are disproportionately attending less-selective and lower-cost institutions was studied. Three sets of student characteristics were assessed: ascribed (race, ethnicity, and gender); socioeconomic (parental income, parents' educational attainments, and family size); and academic (tested ability, school grades, school activities, and educational expectations). Data for 1,608 students were drawn from the the "High School and Beyond" survey of 1980 U.S. high school seniors. Blacks and lower socioeconomic status (SES) students were more likely to attend lower-selectivity institutions, and lower-SES students were more likely to attend lower-cost institutions. Academically-strong students were more likely to attend more selective institutions, and, to a lesser extent, higher-cost institutions. While blacks were likely to attend lower-selectivity institutions, they were not especially likely to attend lower-cost institutions. In addition to test scores, important indicators of entry into a selective institution were educational expectations, high school grades, and experiences in student government and journalism. Students with less educated or lower-income parents were likely to attend lower-selectivity institutions, even if their academic ability and achievements were superior. (SW)