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Kudos to you on doing this great leadership/mentoring.
I have a question for you: Can I apply in 3rd round to Ivy schools and get admitted (if I were to get admitted in the earlier rounds)? They openly discourage candidates to wait till 3rd round, but my situation makes me feel I may not be ready to push my app by Jan 3.
Keep in mind that the Rounds can vary a bit by school. Cornell's 3rd round is more like other school's second round. Don't just look at the number - look at the rest of the rounds available. Don't know if this helps in your case, but it can make a difference for some schools.
Intriguing because Anderson has 4 rounds. So I would think their 3rd round is like Cornell's 3rd round (out of 4 total). Is 3rd round of 4 still a walk on water as quoted above? Or did she mean last round?
Overall, the last round is the "walk on water" round. One test - are there still scholarship opportunities available in the round you're looking at? Once those are no longer available, I think it's safe to say that you've gotta get out your jesus shoes.