A college may put you on a waitlist. This can happen when you meet the admissions requirements, but the college has already accepted the number of applicants it has room for. If a spot becomes available later on, you may be offered a place.
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While many colleges will waitlist hundreds or even thousands of students, not all of those students will accept a spot on the waitlist, making the pool and the chances of getting in slightly better in some cases. According to NACAC, 20% of all students who chose to remain on waitlists were ultimately admitted.
It makes sense to keep your spot on the list only if you're really interested in going to the college. Before you decide, find out whether there are any conditions attached to being waitlisted. For example, because you're notified later than other applicants, you may have fewer housing and financial aid options.
Waitlisted students can accept or reject the offer presented by the college. However, don't take up a spot on the list if you're not planning on attending the school anymore. You'd be taking the spot away from another student who may be more interested.
Before May 1st, write a Letter of Continued Interest (LOCI) to your admissions representative (the person responsible for evaluating applications from your high school) and copy a dean of admissions. Be upbeat in your approach, and do not show frustration or disappointment.