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This research employs institutional characteristics and market‐related factors to predict undergraduate students' tuition at 190 private colleges and universities in the USA. Results showed that the strongest correlations among variables for college tuition were reputation ranking and SAT scores. Results of a hierarchical multiple regression revealed that the type of institution, academic reputation ranking, the annual expenditures, geographic region, the existence of professional schools, the size of the faculty and the undergraduate student body, and university presidents' pay and benefits are all significant predictors of college tuition. After controlling all other variables, the unique contribution made by reputation ranking is still a significant predictor of college tuition. Research institutions charged their students more than liberal arts colleges, which, in turn, charged more than doctoral granting I institutions. Implications for parents and students, private colleges and universities, human resource management, and the Matthew effect are discussed.