A presentation of a conceptual framework for viewing the admissions management process in higher education institutions and a discussion of the pricing policy process, particularly of private colleges and universities, precedes an examination of the stochastic utility model, a statistical model of the college choice process. Using student choice data obtained from admitted freshmen applicants to Carnegie-Mellon University, some empirical results are presented that are related to the effects of price, among other factors, on the college choice decision-making behavior process of high school seniors. The two most important factors affecting the college choice process are seen to be college quality and price related considerations, especially the availability of student financial aid. Marketing implications of these results are discussed. (Author/JMD)