Good artilce about some of the issues at hand.

“Kids see that the admit rates are brutal and dropping, and it looks more like a crapshoot,” he said. “So they send more apps, which forces the colleges to lower their admit rates, which spurs the kids next year to send even more apps.”

As to who are these kids? They are the compliant ones. The kids who have learned to dot every I, cross every T, and spend their H.S. years studying and doing extracurricular activities. I've seen complaints from professors that the students they are getting aren't critically thinking the way students have in the past. And despite the students sky high 4.35 GPA's and 10 AP's, many of these students seems less ready for college than in years past.