My uncle is a professor at a well-known college. When he was applying for PhD programs, he was considered to be a topnotch candidate. He was offered admission plus all the grants and stipends to get him through 5 years comfortably in some of the most prestigious colleges in the country. A million years ago. As a professor now, he recognizes that the competition has changed many of the rules for acceptance and there is a good possibility even he would have difficulty getting into his preferred grad schools in this academic/economic climate. His advice to his students that seek to go on to grad school:
1. If you have talent and the inclination, start getting your references and potential LOR's lined up asap. You can never start too early in reaching out to make those connections.
2. If your prof's are encouraging you to go on to grad school, they must have a good reason. While their advice is not a guarantee for admission, do NOT limit yourself to just a couple of choices. Shop around and give yourself a good range of grad schools to apply to, ones that you would be happy to go to.
3. If you don't make it into grad school the first year you apply, look at your academic resume and spend the next year volunteering in labs, helping profs with research, taking extra classes, and try to get a job in some area related to your field. If it's a dream to go on to grad school, try again.
It's okay to feel angry, hurt, betrayed, disgusted, anxious...but use that energy to get where you want to be.
Best of luck to all of you. You've worked hard to get this far...
The End!