What does it mean?
Well, congratulations! It might feel like another rejection, but what the wait list means is that you're one of the applicants that the university finds qualified to be part of the community - just that there wasn't enough space for everyone. Due to the competitiveness of many colleges and universities, it means that there were several students just as qualified as you, and perhaps there was something else that someone else had that the admissions officers found would contribute to the mix of this particular class. Typically the difference between accepted students and those that are wait listed are arbitrary and minor. Pat yourself on the back for this accomplishment.
What to do next?
If you'd like to be on the wait list, you must actively notify the university. Follow the instructions included in the notice/letter and be sure to respond. There are several things to do and not do to better your chances of getting off the wait list. However, many competitive universities only accept small percentages of students off their wait lists, so be sure to put down a deposit at a school in which you'd be happy to go to otherwise. Most schools accept students off the wait list after the May 1 decisions requirements of those that were accepted before pulling from the wait list.
Things to keep in mind:
Best of luck on school decisions!
College, Graduate School, and Career Coaching.