1) Cost - this is ABSOLUTELY the most important. I basically have to go somewhere that gives me full tuition and living expensives, which would probably be done through a sort of fellowship possibly being a T.A. of some sort. I basically will have no money to pay for tuition unless I would decide to work at the same time, which advisors of mine have said I shouldn't (have to) do.
2) Distance - ranks pretty highly in importance, but will not make the decision on its own. I really like the Indo-European program at UCLA for example, however, I have no idea how I would get all my stuff out there and adjusted to life so far away, knowing I may not be able to come home during some breaks. I've therefore been looking more into closer schools like Indiana, Ohio State, and Chicago, and schools on the east coast.
3) Prestige - Obviously this comes lower than cost, but this is actually rather important. It seems typically a university will only hire professors from schools with a higher prestige. So even if I want to be hired at somewhere like UK I'll probably want to get my degree elsewhere.
4) Difficulty - Honestly I'm not so ambitious that I have to be in the most prestigious, most difficult program in the country. As difficulty and prestige often go hand in hand, I also don't want to go somewhere too easy.
5) Program / Courses - this is just about what the program offers. Specifically I'd like to go into Historical Linguistics and for now stick to mainly Indo-European linguistics. I also want a good course selection with lots of old Germanic and Celtic languages, along with some stuff like Tocharian and Hittite. While in an ideal world this should be my main concern, it sadly ranks of lesser importance (probably not last, but probably less important than cost and distance).
Anyway I think that's about all I can think of that I need to consider. It seems like Ohio State, being pretty close, has a program that will suit my needs, although U of Chicago has a wider variety of classes. The east coast ivy league schools offer prestige and difficulty, but with mid-level distance problems and probably cost issues. UCLA probably has the program most suited to what I want, but I probably will not highly consider it unless I'm completely funded.