A major difference from my high school era vs the current time is the importance of "fit" and "demonstrated interest". Fit is discussed on CC extensively whether or not the applicant sees him/herself at the campus. Prospective families start doing college visits during sophomore year, some even during freshman year. Although my peers DID apply to 5 or 6 schools, few made college visits before the notifications occurred. But even in my era, kids were panicking about SATs and achievement tests, which teacher had been tapped out in terms of college recs, and whose parent worked for which college (a definite legup)
Legacy mattered. If your family had a long record of alumni/ae graduates, that was definitely a factor. It is not as important anymore. In fact, it is more beneficial to be a first-generation college attendee than to have multiple legacies on the family tree. Of course if there is a building on the grounds that bears your surname due to an ancestor's generosity, that's a different story.
One major difference I see (and I believe this is geographical difference as opposed to generational) is that going to a state school is not considered a choice of last resort. Of course my state flagship was UMass otherwise known as ZooMass the party school and my kids' are UVa and William and Mary. The only legacy benefit for UVA is for OOS applicants who then are considered instate applicants (although they will pay OOS tuition). VA resident legacy applicants don't get extra points for alumni family. A boy in my son's class has been admitted to Harvard and REJECTED from UVa, and he is instate, great stats, ECs, etc.
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....but some are more equal than others.
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