They probably got too many more apps than they expected for ED2 and wanted to use the extra apps. to shape the class a little more than normal so denied more ED2 applicants. They should have denied more RD students if they were aiming for a class of 1350 (now it is like 1400 which is too high), but they admitted even more than last year which hurts the yield. We also have to throw more money at RD students (like most other schools do). The fin. aid amount/vs. yearly tuition is at a low ratio in comparison to other schools in our endowment bracket. Even Vanderbilt is doing better (and their endowment is lower), basically paying for a little over 1 year’s worth of tuition. If you can buy your students, they will come. So they need to either offer more random merit aid or improve Emory Advantage. That is the only way to improve RD outcomes. But most schools simply have high yields because they have high app. numbers and aren’t afraid to deny lots of RD applicants. We still are afraid to do that.