http://online.wsj.com/article/SB10001424052702303772904577333680574993686.html

The Wall Street Journal reported on April 10, 2012 in a print article, Colleges Tough Waiting Game, and more recently online at link above how unlikely it is for students to be admitted from a waiting list. 2011 Princeton admitted 19 of 1248 on waiting list and Stanford admitted 13 of 1078 on waiting list. Some may argue that it is different at non-Ivy league schools. I do not agree. Though your chances may be better at less competitive schools they are NOT good. I advise students to embrace the school that has accepted you, that is most likely your best fit for two reasons:  you decided to apply, and they decided to accept you.