Months of preparation, waiting, and praying, and finally, the acceptance letters are starting to roll in.

Great news! You've been accepted to four of your five choice schools. As for the fifth, which also happens to be your dream university, you've been wait-listed. Disappointed and angry, you comfort yourself with the notion that at least it's better than a flat-out no....

But is it? How long will your other schools wait around while you're pining for #1 U. to let you in? How good are your odds? And how long can you wait before you put your chances of attending any college in the fall at risk? Before you play the waiting game, consider these waiting words of wisdom, straight from college admissions officers and experts.

The Cold Hard Facts
The first misconception you need to get out of your head is that waiting lists are like round two of the admissions battle. Consider this: Boston University placed 1,451 students on its waiting list, and after all was said and done, four students were accepted; 32 of Stanford's 706 wait-listed students made the cut. Not very good odds, are they? Statistically, you've got a much better shot at round one.

So why the waiting list? "Waiting lists are college safety guards and selectivity builders, benefiting the college and not the student," says Mike Frantz, dean of enrollment at Wilkes University, Wilkes-Barre, PA. In other words, colleges have an admissions goal number and the waiting list is their way of making sure there are a few stand-ins should their first-round draft choices decide to play elsewhere.

Be aware that some institutions (usually, the most selective) use the waiting list as a nicer way to say 'no,' explains Al Newell, dean of enrollment at Washington & Jefferson College, Washington, PA. "You have to be a little wary of that," he warns.

Nevertheless, part of what you feel makes you such a good candidate for admission is your ambition, your drive to succeed, and your willingness to go for what you want. Why should you accept anything less than the admissions "gold medal"? The fact is, waiting is definitely an option to consider if you do it right ... at least for a little while.

Ready to Play
When it comes to your choice school, even a faint glimmer of hope is worth banking on. After all, those four students that Boston U. admitted would have unhappily gone to their second-choice school if they didn't take a chance, right? If you decide to ride out the waiting list to vie for acceptance, there are a few rules you should follow.

First, says Jim Bekkering, vice president for admissions at Hope College, Holland, MI, make sure you want to go to that school as much as you want to meet your favorite band backstage. "The stronger the desire is, the longer you should be willing to wait. The level of interest should be the primary concern," he emphasizes.

Next up, take a look at the admissions 'point-spread.' You'll need to realistically assess your chances -- find out if you're too much of an admissions underdog to play with the big boys. "Ask the college, based on the previous year's experience, what percentage of wait-listed students were ultimately admitted," says Frantz. Many schools have such statistics available right on their Web sites.

You should also ask questions about housing availability if you are accepted off the waiting list. Seppy Basili, vice president for learning at Kaplan, warns that schools that don't guarantee freshman housing often run out of room for students admitted after the May 1 deadline. "These are questions you should ask the admissions office; financial aid officers are also very eager to speak with incoming students," advises Basili.

In addition, you may not be a school's first priority when it comes to institutional financial aid, so you must be willing to take a money risk, as well, warns Basili.

If you still want to play the odds at that point, let them know you're interested in attending their school as your first choice. "Draft a letter saying you received the wait-list offer and are still interested in attending college there. Then enclose supplemental information -- if of any value -- and your final grades," says Newell. "If you take the time to write a letter, that, psychologically, could play a part in [an official's] decision to admit a wait-listed student."

And, while you're at it, don't be afraid to brag a little. "Even if it's as simple as maintaining your 3.5 average, it's worth a mention," says Basili. "It shows the school a continued commitment." As for what not to mention, Basili says that touting your other college offers probably won't help you much.

If you're an athlete or have a special talent and have been in contact with a coach or activity advisor, Basili recommends reconnecting with them as well. "It may help to have someone at the college nudging the admissions office on your behalf."

How Long Is Too Long?
With most colleges and university acceptance/decline letters going out the first week of April, you don't have a whole lot of time to make your final college decision. After all, the majority of schools have a May 1 deadline for tuition deposits, and most wait-listed students won't hear from the school until after that date.

That being said, rule number one is that you have the right to know what's going on. "Each school is supposed to give a timeframe when they'll let [the student] know something. They're obligated to write wait-listed students and let them know if a class is filled," explains Newell. In fact, he says, the National Association of College Admissions Counseling outlines specific conditions that a college is supposed to lay out in its wait-list letter.

If you don't get the date details up front, says Bekkering, ask for them. "Check in occasionally with admissions to see where the situation stands." Although, he warns, "You shouldn't check every day because that could be counterproductive for everyone involved." It may be an even better idea to ask your guidance counselor to pinch-hit for you. "Guidance counselors sometimes have great relationships with particular admissions officers; a phone call from them can be helpful," says Basili.

The safest option is to put a deposit down elsewhere and remain on the waiting list of your first-choice school. "Just make sure it's one deposit at one school," says Basili. Remember, the key decision date is May 1 (which may vary from school to school), so watch the clock. "I would be the first to encourage a student to make a deposit elsewhere if you were on a waiting list, because there's no guarantee," says Newell. Keep in mind, though, deposits are nonrefundable.

Playing the waiting game is tricky. It takes guts, determination, and maybe even a little bit of luck, but proceed with caution. As Frantz says, regarding your chances of admittance, "If [your chances] are below 50 percent, I would vigorously pursue other options. If that number is below 100 percent, I would still pursue other options."

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