Here's an article that speaks to this:
http://www.nytimes.com/2008/12/09/educa ... .html?_r=1
December 9, 2008
Those Taking Graduate Test Abruptly Drop in Number
By TAMAR LEWIN
In bad times, the conventional wisdom has it, people flock to graduate school. But there is at least one sign that in this recession, that may not happen.
After years of steady growth, the number of students taking the Graduate Record Examination, which is required for most graduate programs, is on course to decline this year.
At the start of the year, the Educational Testing Service, which administers the $140 exam, projected that 675,000 students would take it by year