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"
"whats waitlisted?"
"basically a fuck you, you didnt get in but we dont want to hurt your feelings"
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