Last year Kenyon dropped their supplemental essay completely (despite being a college known for its writing program -go figure) and waived their application fee for just about anyone with a pulse and their applications soared by more than 60%. Their yield dropped from 31% to 27%, which doesn’t seem like much except that they salvaged that by raising their binding early admits to more than 50% of their class and more than doubled their wait list (which meant that almost 2/3 of the applicants were either admitted or wait-listed). What the general public (and US News) sees is that their admit rate plunged from about 39% to 25%. What other college AdComs see is a very clever job of enrollment management. I would suspect that Swat’s admission folks are also very good at what they do, and the yield won’t change much.