Annual rankings provide easily consumable quantitative information that prospective students and their families use to make decisions about applications and admissions offers. One popular ranking is Princeton Review's Party Schools, which receives national attention and condemnation by institutional leaders. We analyzed IPEDS and Clery Act data using Generalized Estimating Equations to examine institutional effects and changes in student behaviors associated with appearing in this ranking. We found that appearing in the Party School rankings is associated with several important changes in applications, admissions, and student behaviors. We offer explanations for institutional leaders to consider before taking actions they believe will help ensure their institution no longer appears in the Party Schools rankings.