A growing percentage of students are settling for their second and third choices for college, a new national survey says. But that’s not necessarily because they didn’t get in to the one at the top of their lists.

Half of this year’s freshmen attending a second-choice school were accepted by their top pick, but chose not to enroll – and money appears to be a significant reason why.

The numbers come from the latest annual survey by UCLA’s Higher Education Research Institute, which has tracked freshman trends for 40 years. Its latest report, for release Friday, surveyed more than 271,000 students at 393 baccalaureate colleges and universities.

The survey found 32.7 percent of freshmen were attending college somewhere besides their first choice – the highest percentage since 1988 and the second-highest ever.

This year, for the first time, the UCLA researchers asked those students if they had been accepted at their top choice. The answer: Almost half, 49.8 percent, of those at their second-choice school had been accepted at their first. More than one-third attending their third and fourth choices had also been accepted at their first.

Of those students who got into their first-choice school but didn’t enroll, about one-third said they couldn’t afford it. Other reasons they gave included geography and athletics.

The survey may understate the impact of cost because it doesn’t include community college or part-time students.

“The students come in with some very idealized versions of where they’d like to be, what they’d like to do, but reality hits,” said Sylvia Hurtado, director of the UCLA institute. “Certainly parents who are concerned about the long-term financing of college want students to make more pragmatic choices.”

Average tuition and fees at public four-year public colleges rose more than 6 percent last year to $4,836, and prices are up 35 percent over the last five years, according to the College Board. Many students don’t realize financial aid can significantly lower the bill, but net costs are still rising faster than inflation.

About two in three survey respondents said they had “some” or “major” concerns about their ability to finance college.

The survey comes as Congress focuses on college affordability. On Wednesday, the House voted 356-71 to cut interest rates on need-based student loans from 6.8 percent to 3.4 percent, over five years.

Supporters say the measure would encourage students to stay in college. But support from financial aid experts and advocates has been lukewarm. Many argue it would be more efficient to spend federal money on grants for students who wouldn’t otherwise go to college rather than lighten the repayment load for students who’ve already made it through.

“I think it’s a very expensive proposal that yields very little financial benefit,” said Mark Kantrowitz, publisher of the Web site FinAid.org.

Most of the debate on college costs has focused on students prevented from attending college, or on those saddled with high post-graduation debts. But the UCLA survey is a reminder of another potential downside.

The survey shows students at first-choice schools are more likely to pick a college based on factors like academic reputation and a campus visit. Other students are more likely to be swayed by cost. So those students may be settling for lesser academic experiences, a smaller chance at graduating, or simply less satisfaction.

Or, they may not.

Many students at second- or third-choice schools flourish, and eventually decide it was the best place all along. Sandy Baum, an economist with the College Board and Skidmore College, points out new freshmen may have little understanding of how their choices will play out. She also notes it may not always be such a bad thing for financial factors to play a role. Many students may have passed on a more expensive top choice after getting a great aid package from a perfectly acceptable second one.