A student I worked with, let's call her Jennifer, was recently admitted to Wharton (really) and waitlisted at her first-choice school, let's call it Kellogg. While waiting, she agreed to offer advice from the trenches, of one who succeeded in the process. She discusses four issues: staying committed to the goal, receiving feedback, waiting (lists), and financial matters. This is very useful stuff!
I am so glad that I reapplied. I was rejected from the four top business school programs I applied to three years ago (all without an interview). While it stung to get so little traction in the business school process, I did not take it as a sign that I wasn't "meant" for business school. Instead I tried to understand the weaknesses in my application and knew that I would try again and do it better. I have learned so much in the application process and am very happy I have even more experience that I can bring to business school when I attend.
Get feedback! Make sure the people you are asking have something valuable to add to the process and take the time to listen -- better to find two people who will give you great feedback than send your materials to 10 people and listen to no one.
Also,be strategic in your decisions about who you want to use for help in the application process, and seek out those people early on. Make sure you really WANT someone's feedback before asking for it; I have been on both sides of the equation. Recently, a friend asked for feedback on his essays. I spent a lot of time on his essays and when I returned them it seemed that he hardly looked at my suggestions. He was giving me the essays because he thought that was what you were supposed to do, but had little interest in following up on the suggestions or incorporating feedback.
WAITING FOR DECISIONS AND THE WAITLIST
In terms of my advice for people who have been waitlisted or general feedback for students after they have applied: the most valuable thing I've done in my application process is turn every moment I have been frustrated into an opportunity to do something. When I found myself going crazy waiting for one program to get back to me while another waited on my decision, I brainstormed a list of all the things I had accomplished since I applied and wrote a letter to the school where I was waitlisted explaining those accomplishments. I created a campaign fueled by waiting and (sometimes) panic and created something productive. I am so glad I did this, because the time you spend sitting anxiously waiting and checking MBA chat forums is, in the end, not useful (though I did that too).
Given the calculus course I am taking and other requirements, I have completely neglected to begin financial planning and thinking about the costs and consequences of my decision. I wish I had done this in a systematic way earlier, not only so that I would be better prepared and informed about my choices and responsibilities, but also because finances are an important part of my final decision (for instance, I am trying to make a decision about two programs that cost vastly different amounts of money). Now I am finding myself very overwhelmed at the process of tackling everything right now. If I had to do it again, I would start planning and filling out financial aid information earlier and getting the advice of students, faculty, family and others about their tips on going through the process.