Students and parents base college selection on how well the college will overcome the perceived financial, social, psychological, physical, and functional risks associated with the college experience. Nineteen criteria associated with these risks were evaluated for significant differences between students and parents as well as for their level of importance in the selection process. Significant differences were found with regards to financial aid, security/safety, weather, professors, marriage prospects, athletics, and reputation of the school. The most important criterion for both students and parents was the academics of the institution. Only seven of the top ten criteria were the same. (Contains 3 tables.)