Good news for America's money-hungry colleges and universities! Yale: "Class of 2015 admit rate lowest ever." UCLA: "A record-high number of applicants for UCLA results in low admissions." Harvard: "Harvard Accepts Record Low 6.2 Percent of Applicants to the Class of 2015."
So, yes: application rates are through the roof, admission rates are way down, and at the same time, prices are going up! Coupled with the trend of the use of high-priced admissions "consultants," who help eliminate admissions to needy ("poor") students so as to get more paying students, it's going to be a great year for institutions (to sock away some cash and educate the coming oligarchy).