The extent to which financial concerns cause high-ability high school students who desire highly-selective colleges to choose less-selective institutions was investigated, as was the influence of student and parent characteristics on this decision. Data collected from 1,483 students in six cities in the United States show that the more a high-ability student is concerned about the price of colleges (tuition and fees, without consideration of financial aid), the lower the probability that the majority of the college applications that the student submits will be to selective colleges, even though the student desires such a college. Data collected from 928 parents of such students in the same cities show similar negative effects of concern about price on the probability that a selective college will even be explored by students whose parents prefer such institutions. These effects exist independent of the tested ability of the student, the student's sex, or the parent's sex and educational level. Questions from the Carleton/College Board Six-Market College Selection Process Study are appended, and statistical data and graphs illustrate the findings. (Author/SW)