That was us. It wasn’t only us though. Three of my d’s friends also transferred out due to reduction in need-based aid. A Google search should bring up info. It did when this happened to us. There was a letter in the school paper and also a list of schools that are known to bait and switch like this.
There is a decent number of work hard play hard students, but it’s not the vast majority. Lots of what d called cool nerds lol. Very diverse student body. Fairly competitive vibe.