I'm not sure how it all works, but I was accepted to the KU social program. From what I gathered, they invited a larger group of students to visit than they usually accept. Put differently, say 10 people were accepted, some wouldn't accept the offer while others wouldn't get funding, ultimately creating an incoming class of about 2-4. SO, being on the waitlist is better than nothing, but the probability of all 10 not accepting the offer is rather low.. Not to be a downer! I was in this exact position last year.