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Another important factor is yield percentage. The higher it is, the more prestigious a school is perceived to be. The lower it is, the more the school looks like kids can take it or leave it.
Bard has about a 27% acceptance rate, but only about one in three from that 27% actually enrolls at Bard.
For comparison purposes, Harvard accepts about 8% of its applicants, but about 79% of those accepted enroll there.
Many other factors figure in vis a vis rankings, of course, but yield, I understand, is an important one.
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