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IMO the most important factors you want to look at are (in no particular order):
the size of the school. This is very important as it impacts on class size, class availability, etc. It also impacts on how things function-will you get attention to your needs, problems, etc. do you want the chance to be anonymous if you choose or do you want the intimacy of a small group. The size of the school is a tremendous factor.
What are your social views and concerns. Do you want a school with a high PC quotient. Do you want an active greek system. Are you looking for a big party scene or a little more social conscience and activism. every school has its niches, but they also have overriding general atmospheres that will effect you. A part of this is also to look at the % of people living on campus or is it a big commuter school. what is off campus housing like and that social scene.
Another important factor IMO is the school's location-location as far as distance from home, from friends and also as to weather and proximity to other considerations-do you like the mountains, beaches or could you care less. Big city, country isolation, etc. will definitely effect your college experience.
Obviously the academic rep/quality and the availability of your major is a foremost concern. I think you want to be careful though not to confuse name recognition with quality. Many schools are known because they have "big time" football programs, but if you're not on the team, what's that to you?
Also, prestige, rep etc. are truly in the eye of the beholder, so be careful with that factor. For anyone that loves Stanford, there is someone that prefers Cal. For every fan of any given Ivy, there is someone who will pick Amherst, Williams, Pomona or Swarthmore instead. Don't get hung up on "brand names" they are IMO a minor factor at best.
Also, consider the difference between universities and (liberal arts) colleges. while LAC give you a more general education and many students want a more specific program/degree, don't forget that with LAC there are no grad students and so no pool of TAs and with no pool of grad students, if a prof needs a research aid, etc. they gotta go to you. The LAC is typically about the undergrad, only, so that is an advantage. Of course, many LAC don't have the resources of a university in general, but many do, which brings me to $$$$$$$$.
$$$$$$$$$- does the school have it. This impacts on your ability to get aid, but also impacts on how the school functions. Do they have necessary resources, are things up to date, do things get fixed when they break. Are they keeping up their physical infrastructure, building new classrooms, hiring new profs. etc. Schools w/o the dough end up stagnant, programs are impacted, cut off and cut short.
Bottomline, it is YOUR college experience. Not mom's, not dad's, not your uncle who went to state U and will buy you a car if you'll go there. Set your goals and priorites and you will find a match. In a way, gotta be selfish I guess, this choice is about YOU.
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