<p>Great stats. Thanks for sharing.</p>
<p>Why might the rates be that different? Could it be that more of the ‘talent’ applies early, knowing that is what it takes to get considered for the most merit aid? </p>
<p>It sounds like you might be assuming an equal distribution of talent, but I don’t think that is the case at all. Which might then mean it doesn’t matter when you apply, in terms of your odds of getting in, but if you’re towards the top of the pool, it would help you to get considered for the merit aid…</p>