Just be honest.
They should appreciate that you're not holding a spot until the last minute just to decline. It should be much better for them just move on their waiting list, since it is all part of the game. They know it, and there won't be any hard feelings.
Things to do instead of checking your status:
"Check every 5 minutes your email"
"24x7 on GradCafe"
"Call every day the admission offices and ask about your status"
HEheheheheh
Did you call during the working hours?
Alternativelly, you can check the phone number from the department/graduate school on the website and compare with the number...ehehhee
A new thread to share information about the applications for the PhD in Finance (Fall 2012).
I understand that the only program in Finance that made a movement so far was HBS (Bus.Ec.). They seemed to have invited 10 people for interviews. Not a word whether they will open a "2nd round" of interviews. Any more news?
Anything from other schools so far?
Share your thoughts and info...!!!
That's it! Get all information you can get (especially where you're accepted) and only then sit down with your GF and analyze together the whole picture.
Good luck.
If I got one nickle for each time I check my email, I would be rich by now!!!
Not to mention the anxiety every time the phone rings...
Waiting totally sucks!!!
Why don't you first wait to see where you get into?
You'll make a better decision with more information on your hands.
Maybe your GF can find a new job next year at the city you are attending your PhD program.
Assuming that getting into a PhD is harder than finding a job, you should talk to her and plan together your joint strategy on different scenarios (specially now that you know that you're not going to UT-Austin).
Good luck.