there are other issues at play too though. schools don't currently maintain a supply and demand equilibrium. they under price and then use rationing. private

there are other issues at play too though. schools don't currently maintain a supply and demand equilibrium. they under price and then use rationing. private schools could simply raise prices until number of applicants is approximately the number of positions available. but of course there is a prestige economy in place that interacts with the money economy.