Educational arbitrage?

“I’m going to get almost the entire same experience, and the only thing I’m really missing is going into class and dorming,” he said. “To me, it was just almost a no-brainer.”

More students like Helman are discovering there is another way into their dream schools.

Students who don’t get into major public flagships the traditional way are still participating in the social life of these campuses. The small-but-mighty group is moving to college towns, enrolling in online programs or nearby community colleges, living in private housing, joining Greek life, and attending game-day tailgates.

And it seems the arbitrage runs both ways:

The approach is sanctioned by the universities, which are expanding alternative-enrollment programs. “It’s a way to get what you want if the traditional, standard way doesn’t work,” said Beth Kraemer, a consultant for In College Consulting, who observed an uptick in this trend.

The programs can be a savvy way for universities to protect their rankings and generate revenue, said Adam Nguyen, founder of admissions-consulting firm Ivy Link. These are often students who narrowly missed the admissions cutoff.

Here is more from the WSJ, via Adam B.