And we must remember that not least among the factors that push admissions rates lower every year, is that certain populations of students are routinely applying to more colleges and universities than in the past. Imagine for a moment that there are only 10 top institutions, and 10 students applying, and each student is admitted to only one. The admissions rate is quite different if each of those students applies to only one institution (%100 admission rate), or to all 10 (%10 admission rate).