<ol>
<li>AT HARVARD, AND GENERALLY:</li>
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<p>I've been informed that Harvard may indeed enjoy a slightly higher yield rate among what might be called the marginal applicant group attracted by the new financial aid policy. But (in my cynical view) that new policy was adopted from a position of (relative) weakness to offset rising challenges from schools offering substantial tuition reductions styled "merit" aid to the top students that Harvard generally targets.</p>
<p>There are many schools now that are granting large awards to National Merit Scholars and the like irrespective of need. It requires something of a balancing act to retain Harvard's "normal" percentage of the (statistically) best students while also attempting to achieve greater economic diversity.</p>
<p>Clearly, HYPS have the resources to "buy" the best students - NY Yankee-style - if that's what they wanted to do. Likewise, HYP could "buy" top athletes with athletic scholarships (as Stanford does) if they wanted to.</p>
<p>Without awarding "merit" aid, and focussing recruiting more broadly on those entitled to receive "need-based" aid, the end result will be, I expect, a wash when it comes to the overall yield rate.</p>
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<ol>
<li>AT PRINCETON:</li>
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<p>The recent yield rate drop at Princeton has been primarily due to changes in "enrollment management" practices following the ouster of Fred Hargadon as Dean of Admissions, and his replacement by Janet Rapelye.</p>
<p>Princeton has continued to fill half its class via binding ED, but has been going after a different type of applicant in the RD round. Princeton's RD yield has dropped precipitously as it has tried to cast a wider net for the type of applicants it used to leave to Harvard - and, to a lesser extent, to Stanford, MIT and Yale. </p>
<p>As the size of Princeton's overlap pool with Harvard etc has grown, the RD yield rate has fallen. What is happening? Rapelye is no longer following the Hargadon policy of seeking the "Princeton type", and is actively seeking to recruit the academic superstars who (according to recent studies) it sometimes avoided on the grounds they were likely to prefer Harvard or MIT, the artsy-craftsy types who tended to prefer Yale, or the Western egalitarians put off by the whole "eating club" scene, who tended to prefer Stanford.</p>
<p>This is a quite conscious policy change in an effort to remake Princeton's image that will - one assumes - eventually affect the perceptions of college applicants nationally. </p>
<p>If, as I predicted last year, Princeton goes to SCEA, it will ease the transition by obtaining a larger, more diverse early pool from which to choose - so that all the "social engineering" won't have to be achieved via the RD pool, from which (if you subtract ED deferreds who are admitted later) only 1/3 of the class is currently drawn.</p>