For decades, higher education seemed immune to market forces, as families stretched to pay almost any price for a top-ranked college. Prestige was seen as synonymous with enduring value: Harvard would always be Harvard, Yale would always be Yale, followed by the Northwesterns and the Cornells, with aspirants such as the University of Southern California and Northeastern further down the ladder. But with sticker prices surging and graduates facing a tough job market, many parents have begun to question whether prestige alone is worth the price. As reputation loses some of its grip on the marketplace, colleges are moving up and down the list more than ever.

How we think about brands in higher education was largely decided centuries ago when America’s top colleges were established. These perceptions were cemented in the late 1980s, when U.S. News & World Report turned its college rankings into an annual exercise. A school’s “reputation score,” as determined by a survey of college leaders, was the most heavily weighted factor in assigning it a ranking on the list. Reputation is still the biggest factor in the U.S. News methodology, and plenty of people still care enough about an exclusive brand to pay a premium for it. In recent years, however, many families have begun to put more emphasis on practical matters such as tuition costs, hands-on learning, and career outcomes.

This evolution in priorities stems partly from personal experience.