While it sucks to have to reapply and may end up being a big waste of money if you get accepted, at least start getting your application together. Work on adjusting your personal statement, updating/rewriting your activities section,warn your letter writters/advisor you might need them to resend letters, and request any transcripts that may have changed since last year as you will have to submit new ones if you recently graduated and have that last semester done, or took any additional coursework.
While submitting the app may be advantageous if done early, I personally held off until late July, and then submitted once I almost certainly knew I wouldn't be hearing back. There really is little difference in an app that is submitted June 1st and one submitted in July, but at least you will not feel as bad paying the primary fees if you at least weather the waitlist awhile. Most schools don't start reviewing until August or September, so being at the top of that initial stack versus the middle probably won't make much of a difference so early on. If the school you are talking about is LECOM though, you may want to submit right away since they start interviewing in July or something crazy like that.
