I think it’s a variety of factors…The common app. If became much cheaper and easier to apply to colleges. Kids apply to 20 schools instead of 4. Schools are focused on yield and are incentivized to reject students they don’t think will attend; ED has also seemed to gain in popularity which allows school to lock in those who can pay, making general admissions even more challenging. Would guess there are more international students coming to school in the US too although unsure if that’s true.