> more students sending out far more applications (out of paranoia? Pressure?) No, it's actually a rational choice, because no one can accurately forecast what

> more students sending out far more applications (out of paranoia? Pressure?) No, it's actually a rational choice, because no one can accurately forecast what a given school will cost anymore. At some point (I believe in the late ’00s, but could be wrong), elite schools started to extend their financial aid programs to include students from middle-class families. Prior to this change, a student from a family with middle-class income or above could know with reasonable certainty what a given college would cost: they would expect to pay the tuition, fees, etc. listed on the brochures. After this change, they would have no idea until after they were admitted. They might get a generous financial aid package that brings the cost down to the price of their local state university, or they might get nothing except loans. The systems used to determine financial aid packages are opaque and not well-publicized, so the outcome is unpredictable. In 2009, I applied to a broad sample of 14 schools on the east coast. They were a mix of “elite” private and flagship public universities. My parents were comfortably middle-class. I was lucky enough to get into most of them, and so I had the opportunity to compare financial offers. In maybe 1 case out of 12, I would have had to pay the full sticker price. The rest would have been heavily “discounted”, but the discount varied widely between schools, from ~5% off the total cost of attendance, to 60% off, to 100% off (full ride). For the private universities the “discount” came from a mix of “need-based aid” and merit scholarships, while for the public universities it was exclusively from merit scholarships. In this system, you don’t know what the financial offer is until you get in, there are possible windfalls from getting a generous financial offer, and it’s difficult to predict in advance what the financial offer will be until you get in. The incentives here are obvious: student who are conscious about the cost of their education have a strong incentive to “play the lottery” by applying to as many schools as is feasible for them, while biasing towards schools that are known to provide generous financial packages.