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how can a wait-list be "unranked"? do they accept students at random off the wait-list then?
I think in general, most schools, even though they say their waitlist is unranked, use a two-tier system in which waitlisters are separated into a higher tier and a lower one. However, I think that within those two groups, everyone is unranked. The reasoning behind this is that schools are trying to build the most diverse classes possible, and because of that, having a formally ranked waitlist would make things too rigid.