College and university quality--what it is and how to identify it--is a preoccupation of many prospective college students and their parents, high school counselors, and college admission personnel. Regardless of class, race, and gender, it is no longer enough for a growing number of individuals simply to attend college: matriculating at an institution of unmistakable quality is the over arching concern. In response to this concern, and in the absence of more concrete indicators, a body of folklore or conventional wisdom has evolved about how to identify "quality" colleges. This folklore has been shaped by many sources: the lay public, the media, counselors and college admission personnel, college and university faculty, and leading graduate schools. The folklore about institutional quality has assuaged the need for understanding in the absence of more authoritative information. Yet, a growing body of scholarship and research on college quality, much of it published in the past 10 years, raises some serious questions about the adequacy of conventional wisdom. Drawing upon this literature, the aim of this article is to examine the folklore, reveal some of its limitations, and suggest a framework for assessing college quality that may help counselors, students, and parents make more informed explorations of prospective colleges and universities.