Answers here.
[*] 25%: how others think the school performs. Of course this is biased (they rate their own school high). And of course this has little useful information (if you didn't attend, how would you really know). But, employeers also used biased inaccurate personal opinons to hire employees, so it is just the world we live in.
[*]16% or 20%: What proportion of students graduate in 6 years.
[*]10%: Spending per student.
[*]7.5%: SAT/ACT/etc scores.
[*]7%: Faculty salary.
[*]6%: Percent of classes with fewer than 20 students.
[*]6%: Proportion of freshmen/beginning students who were at/near top of their class
[*]5%: Alumni donations.
[*]4% or 5%: What proportion of freshmen/beginning students stay for a second year.
[*]0% or 5%: How well the predicted 6 year graduation rate compares to acutal graduation rate.
[*]3%: Faculty's degrees (BS, masters, or Phd).
[*]2%: Percent of classes with more than 50 students.
[*]1.5%: Proportion of students who were rejected. State schools with the goal to admit everyone are hurt here.
[*]1%: Student-faculty ratio.
[*]1%: Proportion of faculty that is full time.
My summary:
25% opinion, 35% money, 15% initial student quality, 25% graduation rates, 0% student success after attending.