Applications at Elite U.S. Colleges Slow

Bloomberg reports:

Applications for freshman admission to elite U.S. colleges such as the Massachusetts Institute of Technology and Columbia University are slowing after years of record increases.

The number of students applying to New York-based Columbia fell 8.9 percent to 31,818 for the 2011-2012 year after rising 33 percent last year when the school joined the Common Application. MIT had 1 percent growth, the smallest increase in seven years, while the University of Pennsylvania had a 1.7 percent drop after a 40 percent jump in the past three years combined.

Higher education bubble update.