Your list can include community colleges, state universities, institutions offering two-year degree programs, private colleges (regardless of sticker price), colleges close to home and colleges away from home, even out-of-state.

FORBES: How Many Colleges Should You Apply To?

The picture was different abroad: Some 79% of two-year degree programs in the Asian-Pacific region and 80% of those in Central Asia experienced application gains as more locals sought graduate certifications and international students considered the region's strong job markets and economic opportunities.

WSJ: M.B.A. Applications Drop for Fourth-Straight Year

In reality, more than half of low-income college-ready students don't enroll in four-year bachelor's degree programs because they can't afford the cost.

WSJ: Should More College Financial Aid Be Based on Need, Not Merit?