UIC Honors College?

Hello my name is Hamsini Kala and I am a senior who has recently applied to the UIC Honors College. I really want to get in and I applied with a 3.47 weighted GPA and 27 ACT score and I am just wondering what my odds are of getting into the Honors College. Is it really competitive? What are the benefits of going there? Could somebody shed some light on the student stats please? I am a really nervous applicant :)]