If you applied for Early Action or Early Decision and received news that you've been waitlisted, then your application will be reviewed again with the regular pool of applicants — just as if you had applied normally. However, if you applied during the regular admission cycle and you're placed on a waitlist, then you're in limbo until a spot comes open and your name is at the top of the list when it does.

It's important to know that schools rank you, and all the other applicants from the regular admission cycle, in order of priority. Those at the top of the list will receive college admission letters first if spots do open up.

Roughly 34 percent of colleges maintain waitlists and not surprisingly, they tend to be either highly selective colleges, or those with low yield rates (low numbers of accepted applicants that actually choose to enroll). The percentage of people accepted from the waitlist varies at each school depending on the number of spots the school has left to fill. Your waitlist letter should include details about the school's waitlist history. If it doesn't, then ask! Give the admission office a call and find out:

You may want to ask your guidance counselor for help with gathering this admissions decision information and deciding what to do once you've gotten all the details. Even if you are granted admittance later, you may find that the best deals on aid and housing are gone. Holding your breath and hoping for the best probably won't work to your advantage so make sure you find out everything you can about that school's policies.