This article over at the Wall Street Journal isn't that interesting in and of itself. I would, however, add that applying to more universities is indicative of higher demand, since the applicant is willing to spend more time/money on securing a single spot (since one generally can't attend two universities simultaneously).
However, this sparked a point that I've had floating about for some time: To what extent have student loan programs increased the demand for higher education? Since they obviously have - anyone knows someone who would not have bothered with a degree if government money hadn't been in play - we assume a normal supply curve and start wondering as to how much the price of higher education increased because of student loans.
I haven't found a paper analyzing this, but I'd like to.