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This is all so interesting. When I graduated from HS -- in 1966; yes, that's 1966; no typo there -- one of my friends was waitlisted at Columbia. He didn't hear until August that he got in, and then he had only about two weeks until he had to be there.
In those days I don't think the schools "used" their WLs to manage yield; I think my friend just benefited from someone else's bad luck and inability to attend for whatever reason.
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