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.