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Wow, WarEagle07, you and I really think alike! Not only did you mention my fabulous alma mater, but you also love Freakanomics.
I have to agree that the first major thing to figure out is whether this is a trend that was happening at most other schools, only certain other schools or only your school.
If it was happening at most other schools, then you can look to bigger socioeconomic trends (remember there was a recession in the early 90's!) or bigger sociological trends (for example, what was popular for the kids going to college at that time).
If it was happening at only certain other schools, they you need to look at what those schools have in common with yours and with each other.
If it was only happening at your school or only a few schools, then you can look at specifics of your school, like admissions changes, changes in administrative attitudes towards greek life, etc.
That's how I would start anyway. If you want to come up with a possible hypothesis, it is easiest to eliminate large sections of things that could NOT be the reason first.
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