You probably even have a first and second choice. Applications were sent what seems like ages ago. Colleges get months to choose which students to accept. Given this may be a hard task because of the sheer number of the applications. But the admission counselors do this as a full time job, they get to sit and think about it all day long for two to four months.
Students get a month and they still have to go to school.
The costs are also greater for a wrong decision. If the admission counselor admits someone who shouldn't be or rejects someone who should be accepted, they still get paid. If a student picks the wrong college, the cost could be years of unhappiness or thousands of wasted dollars. Admission counselors have to weigh many factors including the other applicants for the class. Students need to decide early in order to give them time to admit more students if the class isn't filled.