Stanford University's acceptance rate hit an all-time low for the class of 2020

Stanford University's acceptance rate hit an all-time low for the class of 2020, with 4.69% of applicants accepted into the prestigious California-based school.

That figure is down from an acceptance rate of 5.05% the previous year, and will likely be the new figure Ivy League colleges will be chasing in their pursuit of being the "most competitive" elite college.

Last year, Harvard's acceptance rate for undergraduates was 5.33%. We will have to wait until 5 p.m. on Thursday to see where Harvard's acceptance rate for the class of 2020 lands.

SEE ALSO: California's biggest university was so cash-hungry that it changed its admission standards

Stanford's 4.69% acceptance rate represents the 2,063 admitted students from 43,997, including those who applied and were accepted early decision to Stanford in December.

And its decreasing acceptance rate looks nearly unstoppable. It has dropped from 5.7% in 2013, to 5.07% in 2014, and, as mentioned above, 5.05% in 2015.

View the 10 best public colleges in America:

NOW WATCH:Here are the most elite boarding schools in America

More from Business Insider:
James Corden texted Leonardo DiCaprio from Jennifer Lopez's phone — and his response was hilarious
Anderson Cooper to Donald Trump: 'That's the argument of a 5-year-old'
I've been to almost every fast-food restaurant, and one does it better than the rest