When college-acceptance letters are mailed to high-school seniors this spring, students who get offers from a wide range of schools may find themselves contemplating this question: Are prestigious, private colleges worth the additional cost?

The Wall Street Journal invited three people to join in an email discussion of the issue. They are: Levi Bisonn, a senior at Olympia High School in Washington state who has applied to 13 schools, including Johns Hopkins University and the University of Washington; Patty Pogemiller, the...