The New York Times

Admissions directors at some elite universities say that most of the students they turn down are such strong candidates that many are indistinguishable from those who get in.

http://www.nytimes.com/2014/04/09/us/led-by-stanfords-5-top-colleges-acceptance-rates-hit-new-lows.html?smid=fb-nytimes&WT.z_sma=US_BBA_20140409&bicmp=AD&bicmlukp=WT.mc_id&bicmst=1388552400000&bicmet=1420088400000&_r=1

Best, Brightest and Rejected: Elite Colleges Turn Away Up to 95%