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Can someone provide some insights into LACs? How do they compare to large universities? How competitive are they?
There is a range of LACs. Some are very competitive like Williams or Amherst. I understand some of them have great alumni networks and generally help you find a job after college.
Some are really great - there have been a few posts about LACs here
Simply put, it's way more teaching-focused. So seminars and small classes with interactions with professors are not uncommon, compared to large universities that have auditoriums for lectures. The tradeoff is that by definition, a university will have more resources than a college. The top LACs of course have more resources than most universities, but they will have less than the top universities if that makes sense.

Competitiveness obviously depends on each individual college as with non-LACs. See the older posts as I answered a few questions about LACs before.