"The conditions were almost ideal for flagships to ride a wave of out-of-state students starting in the early two-thousands. High-school-graduation numbers spiked, but élite private colleges didn’t expand their incoming classes to meet the increase in demand."
The New Yorker: How long will the great student swap last? - For years, public universities have aggressively recruited out-of-state and international students, charging them higher tuition. But those pipelines may be drying up.