This year, more than 2 million Americans will apply to college. Most will aim for nearby schools without global brands or billion-dollar endowments. But for the tens of thousands of families applying to America’s most elite institutions, the admissions process is a high-cost, high-stress gantlet.

Where You Go to College Does It Matter

American parents now spend almost half a billion dollars each year on “independent education consultants,” and that’s not counting the cost of test prep or flights and hotels for campus visits. These collegiate sweepstakes leave a trail of frazzled parents and emotionally wrecked teens already burdened with rising anxiety, which raises a big question: Does it really matter whether you attend an elite college?

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