Reconsider later-Columbia

"Reconsider Later" essentially defers the admit/reject decision to the regular admissions cycle. I would interpret it as CBS thinks that you are a viable candidate but not strong enough in terms of your admissions file and/or your "fit" with the school to be accepted in the early cycle. Delaying a decision on your candidacy allows CBS to compare you against the regular admissions pool.

Evaluate your application with a critical eye to identify shortcomings. Was your GMAT weak? Were your LORs prepared by trusted people?

If you have not already done so, contact the admissions office and ask them to explain what the status means and what type of additional information you can send them.