Excerpt from Term Paper:

...... There are also certain constraints on utility maximization. Some students, even if they get into their first choice university, may not be able to attend because they are granted insufficient financial aid. They must make a decision between the schools they can afford, not all the schools that accept them. Also, there are other barriers to entryperhaps some students parents will not let them live far away from home, or follow a boyfriend or girlfriend to college
Every decision about college is a sacrifice. A student who goes to an Ivy League school sacrifices his or her college experience at State U, and also the ability to graduate debt-free. A student who opts for a cheaper state school may sacrifice some personalized education at a smaller liberal arts school. And a student who selects a major, or even two majors, sacrifices some of the knowledge he or she might glean about a particular subject area, and the professional opportunities majoring in computer science, as opposed to English, might provide. College is a series of tough choices, and these first choices about simply what college to attend illustrate this fact......

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