Most of the colleges at the very top of students' wish lists are "perennial favorites," according to Robert Franek, The Princeton Review's editor-in-chief.
They are also among the most competitive: Stanford's acceptance rate is also just below 4%; at Harvard, it's about 3%.
The report found application volume jumped 30% since the 2019-20 school year, even as enrollment has slumped nationwide.
At that point, they must pay a non-refundable deposit to secure their seat at the school of their choice.
Tuition and fees plus room and board for a four-year private college averaged $53,430 in the 2022-2023 school year; at four-year, in-state public colleges, it was $23,250, according to the College Board.