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sorry to hear that, but i think you've got a great chance of being taken off the hold list!!
second look day is april 3rd.....does penn state not send out many initial acceptances? i don't see much in the way of acceptances on this board, but a lot of holds...which makes me think they send out a lot of acceptances later on......so i think your chance of getting an acceptance is pretty high...is penn state your number one?