Major newspapers are paying attention to rejections: colleges rejecting top applicants and top applicants rejecting colleges. Yes. It goes both ways.
The Chicago Tribune in "Thin Envelopes and Angst" presents a healthy perspective on admissions — even when one receives the thin envelope. Getting into Harvard, Princeton, or Yale is not the end-all-and-be-all, and getting rejected at those schools is not the end of the world.
Along the similar lines, CollegeJournal reports on those applicants who say "no" to the Ivys to attend good schools that offer merit aid or public universities with much lower tuition. The article cites studies that can’t confirm an Ivy League degree will pay off in dollars and cents in the future. Consequently many middle- and upper-middle-families are choosing the less expensive options that allow the student to graduate debt-free or with much lower levels of debt than if they had attended a $40,000-a-year Ivy.