A record low of 17.7 percent of applicants have been accepted into Penn's Class of 2010.
The University accepted 3,622 out of 20,479 applicants -- 13.8 percent of regular-decision applicants and 28 percent of early-decision applicants.
Overall, this marks a 3.1 percentage-point decrease from last year's acceptance rate.
"Generally, the image of the University continues to rise in visibility and in selectivity," Dean of Admissions Lee Stetson said.
He added that more students were offered spots on the waitlist this year to prevent the over-enrollment and housing shortage which afflicted the Class of 2009.
The proportion of admitted students from minority groups surged to 44.4 percent of acceptances from 39.2 percent last year. Black and African-American students represent 11.1 percent, up from 9.4 percent, and Latino students make up 9 percent, up from 7.1 percent, while 18 Native Americans were accepted, one more than last year.
Asians comprise 23.8 percent of the accepted pool, two students fewer than last year.
"We are particularly heartened by the racial and ethnic diversity of the pool," Stetson said.
Acceptance offers include 2,261 to the College, 775 to Engineering, 475 to Wharton and 112 to Nursing.
Legacies represented 10.8 percent of the total. About 6 or 7 percent of those admitted are athletes, in accordance with Ivy League restrictions.
The admissions office does not collect data on economic diversity.
Stetson said he expects about 65 percent of accepted students to matriculate, at the same level as last year, and aims for a class of 2,400 students.
With so many students receiving rejection notices by mail and online -- the admissions Web site received 26,000 hits on Thursday -- Stetson said the admissions office expects a flood of phone calls soon from angry students.
Jon Mizrahi, a senior from Jacksonville, Florida, was leaning toward Penn before learning Thursday that he received a spot on the waitlist.
Though he was also denied acceptance at Yale University, he was admitted to Harvard University and plans to enroll there.
"I'm a little let down and have a few bitter feelings towards Penn," he said.
Stetson said he predicts increased selectivity next year due to use of the Common Application and rising interest in the University, marked by a nearly 15 percent increase in campus visits this semester.
