Stanford University sent acceptance and rejection notifications March 29 to more than 38,000 students from around the world who sought admission to the undergraduate class of 2017.
More than 36,600 -- over 94 percent of applicants -- were rejected.
The 38,828 freshman applications received this year represented the largest freshman applicant pool in Stanford history, topping last year's record-breaking number of 36,631.
Admitted students have until May 1 to decide on Stanford's offer.
"The most exciting part of our review is the opportunity to consider the world's most exceptional students," said Richard Shaw, dean of admission and financial aid.
"The most daunting challenge is to select a relatively small number from among a most competitive and exceptional group of candidates. We are honored by the vast abilities and potential of those we admitted and those who, in the end, we could not accommodate."
Nearly 73 percent of students admitted to Stanford a year ago decided to go, yielding freshman class last fall of 1,768..
Stanford's "yield rate" -- the percentage of admitted students who choose to enroll -- second only to that of Harvard University, the Stanford Daily has reported.
Harvard announced Thursday, March 28, it had notified 2,029 students of admission from an applicant pool of 35,023 -- a 5.8 percent admission rate compared with Stanford's 5.69 admission rate. Harvard also admitted 895 students in December under its non-binding early action plan.
Harvard Dean of Admissions and Financial Aid William R. Fitzsimmons said "unprecedented levels of financial aid played a major role in producing a record applicant poolâ€¦"
Harvard said it expects "nearly 60 percent" of the admitted students will need financial aid in order to attend.
Stanford has said that about 50 percent of its undergraduates receive need-based scholarships from Stanford and that about 70 percent of undergraduates get financial aid from internal or external sources.
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