Where do Americans dream to go: top 10 most desirable US universities

With an acceptance rate of just under 4%, MIT is considered a dream school for college applicants and their families, reports CNBC.

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However, not only is it one of the toughest schools, it's also one of the most expensive in the country - tuition, room and board, and other student expenses totaled more than $79 this year.

At the same time, most college students and their parents now say that the debt burden that often goes hand in hand with a college degree is their top concern, even when getting into the best school.

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Top 10 dream colleges and universities

The list features the top 10 dream schools named by students applying to college in 2023.

1. Massachusetts Institute of Technology.
2. Stanford University.
3. Harvard College.
4. New York University.
5. University of California - Los Angeles.
6. Princeton University.
7. University of Pennsylvania.
8. Columbia University
9. University of Michigan.
10. University of Texas - Austin.

According to Robert Franek, editor-in-chief of The Princeton Review, most of the top colleges on student wish lists are "eternal favorites." They are also among the most competitive, with acceptance rates at Stanford also just under 4% and at Harvard about 3%.

In the wake of the pandemic, a small group of universities, including many in the Ivy League, have seen record increases in applications this season, according to a Common Application report.

The report says application volume jumped 30% from the 2019-20 school year, even as enrollment has plummeted across the country.

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“There is a subconscious mindset that going to college is only worth it if you can get into a life-changing college,” said Hafiz Lakhani, founder and president of Lakhani Coaching in New York.

College Choice Day

As the letters of acceptance come in, students only have a few weeks to decide on their next step. In the run-up to May 1, College Choice Day, high school students must choose which college they will attend.

At this point, they must pay a non-refundable deposit to secure a place at the school of their choice.

But the biggest problem remains how they will pay for their degree. A whopping 98% of families said they would need financial assistance to pay for college, and 82% said it was "extremely" or "very" needed.

“Financial assistance is needed now more than ever,” Franek said.

Other reports show that, given rising costs, college is only becoming affordable for those who can afford it.

And the costs are still rising. Tuition and fees, and room and board at the four-year private college averaged $53 in the 430-2022 academic year. It was $2023 for four-year public colleges, according to the College Board.

Don't base your decision on the price tag alone

However, "never cross an expensive school off your list based on the price tag alone," Franek said. Consider the amount of aid available, as private schools usually have more money to spend.

“A lot of these schools give out substantial scholarships—it’s free money,” he said.

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For example, the Massachusetts Institute of Technology offers generous aid packages to those who qualify. Last year, the average annual price paid by a student who received financial aid was less than $20, according to the school.

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