From experience (college sophomore), accepted but too expensive. I applied to about five “reach” schools and was rejected from all of them. I’d imagined myself at each one and I cried about it that night when the decisions flooded in. But getting into a school that I didn’t realize I loved and not being able to pay for it SUCKED. That stuck with me so long that I actually wound up transferring there the next year. I didn’t even consider transfer applications to other schools, including the ones I’d gotten rejected from (not saying that I was too good for them because that’s definitely not the case, but once I got over the rejection, I easily lost desire for them).
Also, it really sucks when you didn’t do everything possible from the very beginning to get affordable tuition, in retrospect. I was so focused on the other colleges that I didn’t even give myself a chance at an EA full tuition scholarship. Talk about bad planning!