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Colleges are basically a business. How else do they earn money other then endowments?
The problem with the selectivity is that America has seen another "baby boom". Therefore now there are more teens applying. Then there are candidates who apply to some of these schools for the heck of it? Everyone has dreams.
Also, American standards have lowered compared to competing nations.
Overall, there are so many reasons for such a low acceptance rate but if you believed you are qualified then don't think too much about numbers and apply. You may get lucky.
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