Harvard has been demoted. The No. 1 dream college in the United States is Stanford, which displaced Harvard University from the top spot in the hopes and aspirations of high school seniors, according to the annual "College Hopes & Worries Survey" of 12,715 college applicants and 3,007 parents by the Princeton Review.

But dreams don't come cheap. Eight-five percent of respondents say financial aid will be essential for them to attend any college, but if money were not an issue and acceptance a given, the "dream college" students most wish they could attend is Stanford, while parents most wish their kids were headed to Harvard.

Students and parents were asked this fill-in-the-blank question: "What 'dream college' do you wish you (your child) could attend if acceptance or cost weren't issues?" Some 700 schools were named, from Alaska Pacific University to Yale University.

Students' top 10 dream colleges:
1. Stanford University
2. Harvard University
3. Columbia University
4. Princeton University
5. New York University
6. Yale University
7. University of California--Los Angeles
8. Massachusetts Institute of Technology
9. University of Southern California
10. University of California--Berkeley

Parents' top 10 dream colleges:
1. Harvard University
2. Stanford University
3. Princeton University
4. University of Notre Dame
5. Yale University
6. New York University
7. University of California--Los Angeles
8. Duke University
9. University of Southern California
10. Massachusetts Institute of Technology

But college hopes and dreams are also accompanied by college worries and fears. Overall, 66 percent reported "high" levels of stress about the college application process, and 67 percent admitted the economic downturn affected their application decisions. Asked what was the major way it affected them:

• 38 percent said they were applying to colleges "with lower sticker prices."
  
• 34 percent said they were applying to "more 'financial aid safety' schools."
  
• 28 percent said they were applying to "schools closer to home."

• Biggest worry about applying to college: "Will get into first-choice college, but won't have sufficient funds/financial aid to attend it."
  
• Toughest part of their application experience: "Taking the SAT, ACT or AP tests."
  
• How far from home they'd prefer their ideal college to be: 53 percent of parents chose "0 to 250 miles," while 65 percent of students chose answers in ranges over 250 miles.

• "Parents just need to be there for their kid. It's not about getting into the very best college in America, it's about getting into a college that suits you best."
  
• The most common tip from students and parents alike: "Start early."
  
• Said one mother: "Start preparing when your child is born."