Can someone explain the college waitlist process?

I'm trying to prepare myself for all outcomes and the whole waitlist thing is a bit confusing. Can anyone break down what being on a waitlist means and what your chances are of getting off it?

Being on a college waitlist means that you meet the admission requirements, but the school has already accepted the number of applicants they have room for. Your application is essentially put on hold and if space becomes available, they might extend an offer to you. It's a school's way of having a backup plan if their accepted students choose to go elsewhere.

Your chances of getting off the waitlist vary greatly from year to year and from college to college. Generally, more selective colleges have a lower rate of admission from the waitlist, sometimes as low as single digits percentage-wise. Colleges often wait until after the May 1st National Decision Day to see how many spots they have available. They may then start to admit students off the waitlist, often extending offers throughout late May and June, and occasionally even into July.

It can be unpredictable, so if you're waitlisted, it's wise to put down a deposit at a school where you've been accepted to ensure you have a spot in a college. Then, if you're admitted off the waitlist, you can decide whether or not to switch.