I agree that it really does depend on what is a good fit for the student. It also depends on what they plan to major in.
For example if a student is premed I would suggest a school where they can graduate debt free knowing that medical school is a possibility in the future. They need a high gpa and good MCAT scores. (along with good research opportunities)
If they plan to study business I think the choice of college may matter more. For engineering it should be an accredited program. If a child attends a big state school and is part of the honors program it can feel like a small school within a big school. Participating in an honors program can give the student the privilege of priority registration for classes. They will be challenged because the smart kids attend all types of schools. Many choose the instate school simply because it is more affordable then going out of state. Not everyone is comfortable to go into massive debt for a bachelor’s degree especially if there are other siblings to consider.
Does the student wish to live in another city after college graduation? Perhaps they prefer to attend a specific school based on the local job market and the ability to do internships while going to school. Smart kids can also have challenges with transition to going away to college and having to manage their independence and being able to make smart decisions on their own.
The four years of college is a period for a student to grow and transition to the role of adulthood. I think there are a lot more factors in deciding where to attend college. It really comes down to where the student will be comfortable and thrive for the next four years. It also depends on their personality. Are they the type to be proactive about going to a professor’s office hours for help if needed. Do they have self discipline to manage social life and academics without parental supervision. Can they make good decisions or choices for themselves on their own? Lots of students are stars in high school but in college they find themselves in the middle of the pack because they are surrounded by other kids who were also stars in their high school. Are they good with time management? They may have breezed through high school but do they have good study habits to manage the academic workload in college. These are just some points to consider in choosing a school. A student can go to the best school that they get accepted to but if they don’t take advantage of the opportunities or facilities that school offers then they are not benefiting from attending that school. Every school has opportunities to help you grow. It is the students responsibility to take advantage of those opportunities that exist.