What is the base level of variance in college applications? How often do applicant counts decrease y/y? Was last year’s especially high, and thus a drop is just a return to mean?
What were the demographics of the applicant pool this year compared with prior years? Is it related to the Supreme Court decision? The school’s response to Hamas attacks?
If the latter is true we should expect similar drops at MIT and UPenn which gave similarly unpopular answers to Congress.