The two most selective universities in this Illinois guide are both private institutions: the University of Chicago and Northwestern University, with acceptance rates ranging from 4.8 percent to 7.1 percent, making them among the most competitive schools in the country. Students attending these schools can expect to pay an average net price of $23,055 annually, which positions them as relatively affordable options despite their elite status. Graduates earn a median of $78,857 within six years, suggesting that the combination of low cost and highly selective admissions translates into strong financial outcomes.