A while back, I chatted with a friend whose son applied to roughly 20 colleges — an extreme number to be sure. Regardless, the investment paid off. He ended up getting into one of his reach schools, despite being rejected by many lower-ranked universities (and by some higher-ranked ones as well).
HBR Staff/unsplash/Andre Hunter
Summary.
How many colleges should students apply to? While there is no “magic number,” research shows there is a big benefit to keeping it on the higher side.
- A study by economist Amanda Pallais found that when students submitted college applications to four schools, as opposed to three, there was a major positive outcome. Low-income students, on average, ended up attending more selective schools as a result.
- The financial value of this is large: a back of the envelope calculation suggests that low-income students gained about $10,000 in lifetime earnings as a result.
- The fact that the effect was most pronounced for lower-income students suggests that encouraging and creating systems that allow students to submit more applications may significantly help to level the playing field and give more young people access to educational opportunities.