"lowest marketing budget " Possibly the public schools, particularly for their instate students. No need to spend lots of money on an already attractive product to many instate people. . One of my sons went to UVa (instate ED when they still had ED) and was in the top percentages of their SAT scores. He got tons of crap from places like Harvard, Duke, Columbia, Princeton, etc. I remember Washington University and USC being particularly relentless! But had basically no outreach from UVa.