This study used a logistic probability model to investigate the effects of variables relating student characteristics and institutional factors on the decision to apply to a large land-grant research university. The study used the entire data set from American College Testing (ACT) program test-takers in the fall of 1995 and institutional data on students who applied to a study institution that fall which were matched to the ACT data. The empirical model used was based on human capital theory which states that a student's college choice decision is based on the expected net benefits (utility) of attending a particular institution. The results indicated that students' test scores and high school rank percentile, age, proximity of the institution, whether the student postponed initial college enrollment date, congruence between the student's preferred institution type and size and that of the study institution, and family income were all important variables in students' application decisions. The study also found that highly reputed programs had a positive effect on students' decisions as did the presence of honors programs, study abroad options, and advanced courses in mathematics. No significant effects were found for marital status, gender, underrepresented groups, and number of siblings at home. Results have implications for institutions' recruitment efforts. (Contains 16 references.) (JLS)