When colleges think you're sorta kinda qualified for their school but they just don't know what the fuck to do with ya, they put you on the dreaded waitlist. Sort of like Purgatory, only shittier.
My friend Angelica is a really bright, hard working, extracurricular activity-taking, lovable minority with great recommendations and a killer essay, but she still got waitlisted??? WTF man?
A nice way for a college or university to rub your nose in the face that you ALMOST got in but fell just short, most commonly bestowed among prissy know-it-alls who could use a good boot up the ass.
"Dude did you hear that kid got into MIT?!"
"Nah douchebag got waitlisted"
"basically a fuck you, you didnt get in but we dont want to hurt your feelings"