I'd say odds are low, but not zero (one of my friends was on the alternate list last year and it never amounted to anything) - probably nothing you can do but wait. 

When was the application deadline for your school?

 

Actually its reasonably good. Last year I was in the same situation and was shocked how many slots were open (something like 15+). Ended up making the final round after i got off the alternate list.

 

i'm confused about what the process of slots opening is? doesn't that mean someone from your school got an interview and declined? can't see that happening

 

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