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Hi,
I bounced this one around the office. We lose ~10% after the first year, which is below the standard attrition rate of small liberal arts colleges. Social factors, the location, etc. play a role in this I'm sure. The other ~10% are a result of moderation--as other schools typically "cull" students just once--at the time of admission into the college--this second process by which someone needs to demonstrate motivation and achievement in a particular discipline can lead to some disappointment. My understanding is that, for instance, photography or the fiction and poetry majors are not cake-walks when you try to moderate in to them. And so if someone is bent on photography and is not successful at moderation, s/he may then opt to pursue photography elsewhere.
I don't have hard numbers, but these are at least two factors.
Or they could drop out to form bands, like Steely Dan?
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