March Madness College Applications Bump

Having made it to the March Madness finals, the University of Iowa might enjoy an applications bump. Similarly, we can ask the same for South Carolina, UConn, and Purdue.

The March Madness College Applications Bump

Referring to 2013, a Florida Gulf Coast University sophomore says he’d never heard of his school until March Madness. But when they beat the #2 seed Georgetown and #7 San Diego State, he decided to apply there. This FGCU sophomore from New Jersey was not alone. Success at March Madness, especially when unexpected, pumps up nationwide interest.

The most recent data from a Forbes Advisor Study covers 2017 to 2023. Citing the correlation between its 2021 eight seed and applications, the University of Arkansas saw a year-over-year 22.16% bump. Similarly, after a 2016 victory, Villanova’s 2017-2018 applicant pool soared by 22.3%. And, more generally, Division 1 schools (the only group in March Madness) experienced a 3.78% applications increase while nationally, the rate dropped by 1.29%. More impressive, the Elite Eight’s applications were up 8.3% for 2021-2022 and 2022-2023.

The Forbes Advisor study provided this school specific data. I copied the top four:

I wonder though if it’s not only the surprises but also the smaller lesser-known schools that benefit from the biggest bump.

Our Bottom Line: College Applicant Markets

We could say that March Madness creates a change in demand for a team’s college applicant market. With the demand curve representing student applicants, and supply, the slots in the freshman class, the school suddenly has its utility and the size of its applicant pool change. As two determinants of demand, they nudge the demand curve upward.

Shown below, the result is a higher equilibrium point. And no, tuition does not rise. Instead, we can assume that equilibrium “price” represents the credentials students need for acceptance:

However, I do wonder if UConn, as this year’s men’s winner, will have an applications bump since they have always had March Madness fame. But maybe Purdue will?

My sources and more: My revitalized interest in March Madness inspired me to update (and quote from) this post. In addition, I returned to the Atlantic and then used data from this recent study.