College hopefuls have a new ultimate dream school — and it’s not Harvard, Princeton or Yale

With an acceptance rate of just under 4%, Massachusetts Institute of Technology is considered the ultimate dream school, according to a new survey of college-bound students and their families.

However, it’s not only one of the hardest schools to get into but also among the nation’s priciest institutions — tuition and fees, room and board and other student expenses came to more than $79,000 this year.

At the same time, most college-bound students and their parents now say affordability and dealing with the debt burden that often goes hand-in-hand with a college diploma is their top concern, even over getting into their first-choice school, according to The Princeton Review’s 2023 College Hopes & Worries survey.

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%.

Coming out of the pandemic, a small group of universities, including many in the Ivy League, have experienced a record-breaking increase in applications this season, according to a report by the Common Application.

The report found application volume jumped 30% since the 2019-20 school year, even as enrollment has slumped nationwide.

“There’s a subconscious consensus that it’s only worth going to college if you can go to a life-changing college,” said Hafeez Lakhani, founder and president of Lakhani Coaching in New York. 

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As acceptance letters trickle in, students have just a few weeks to figure out their next move ahead of National College Decision Day on May 1,…