@HolyCheeseballs This means you are admitted to IU. Congratulations! I am not sure what the preferred Students Program is…but what you have reported is exactly what my D’s portal said at her acceptance.
You will find out if you got direct admit to Kelley School in the next few weeks. You should know if that is likely if you meet the Kelley Direct admit requirements- minimum GPA of 3.8 out 4 and 30 ACT (can be superscored) or 1390 SAT. If you meet that criteria, you will be notified by email from Kelley in a few weeks and then by follow up snail mail. Otherwise you are a pre-business major and will apply to enter Kelley during your time at IU. This is how it went for my D and others.
If you don’t meet those requirements, but meet one and are relatively close on the other, you should fill out a petition to see if you can get in that way. Then you get a holistic review of sorts. I wouldn’t wait. Priority is given to those who petition by December 1st (today!). You can find out more about petition process on the website. Scroll to bottom of link for petition information.
https://kelley.iu.edu/programs/undergrad/admissions/future-freshman.cshtml