Many high school seniors and their families are still struggling to make up their minds about colleges by the application deadline that falls this year on Wednesday. Highly selective private colleges are viewed as superior to state colleges, but are they worth the often higher expense?

As a parent of five children, with the last one heading off to college in the fall, I have discussed this issue over and over again. In the end, we are looking at two public colleges, two Ivy League schools and one other selective private college.

Our verdict is that the higher ranked colleges tend to be slightly better, but not by a whole lot – certainly not to break the bank for. The advantages of smaller schools and smarter students are quite obvious. But there are also possible drawbacks.

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First of all, elite colleges are often oriented to the liberal arts, offering fewer practical majors. Many of them don’t even offer such common majors as engineering, business and nursing.

Moreover, prestigious colleges often impose a foreign language requirement and more serious general education requirements. Undoubtedly, this is aimed to create well-rounded global citizens, but such courses cut back on space on student schedules for other courses. For instance, it may be impossible to fit in a highly specialized engineering degree within the normal four years.

Being around very smart students can sometimes be a detriment. That’s especially true if they are so good that you end up in the bottom of the class. Chances of shining in class or getting the professors’ attention are slim. And outside of class, chances of getting into leadership positions in student organizations are slimmer.

Being around very smart students can sometimes be a detriment. That’s especially true if they are so good that you end up in the bottom of the class.

If you are planning on majoring in a STEM (science, technology, engineering and math) field, you should think twice about your relative position in a class. Professors adapt their teaching to the average student. If you are at the bottom of your class, you may find that not enough time is spent on the more fundamental concepts. Thus an elite college could easily mean a worse education.

Consider that, unlike some other subjects, STEM cannot be “winged.” Answers are either right or wrong, and deficiencies haunt students in subsequent higher level classes. Besides, being one of the few students struggling in a class is an unpleasant experience in and of itself.

To make things even worse, grades in introductory STEM classes tend to be particularly low, further pressuring students to pursue a different major.

Yet, a more accurate description would be that STEM was the right choice but the college was too competitive.

As shown in the book “Mismatch,” by Richard Sander and Stuart Taylor, students with good but not outstanding SAT scores are far more likely to remain in a STEM subject if they choose a less-selective college.

Another issue is the heavy emphasis on research and graduate education at selective colleges and universities. At some of the most prestigious institutions, graduate students outnumber undergraduates.

Similar to the mismatch phenomenon, undergraduates have to compete with graduate students for professors’ attention. Some of the very best students may benefit, as they manage to become research assistants on some larger project. Yet others are simply outcompeted.

The presence of Ph.D. students from all corners of the world also has drawbacks. Professors lecture while the doctoral students head smaller discussion groups that complement these lectures. Unfortunately, many Ph.D. students have never taught before. And some even struggle with spoken English.

Still, the most serious evidence against the elite colleges comes from earnings data. Graduates from elite schools do indeed earn more money, yet careful analysis show this is simply caused by higher student quality.

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Individuals who turn down offers from elite institutions to attend other colleges, such as flagship state colleges, end up earning just as much money.

The bottom line is that the very “best” colleges are not “best” for everyone. Just like you wouldn’t want to suddenly skip a grade or be the worst player on a great sports team, you should think twice before attending a “reach school.”