The ever-killing despair

The app time is running hot and many here at IIT are getting admit/scholarship/fellow from Premier Institutes across the USA. However, many expectants are still waiting, including Shobhana and Ajinkya. The worst part is that these people (including many others; Ajinkya a little more positive though) haven't even got many rejects and this generally drives them into concluding that their chances are pretty dim.
Even from my experience, I can tell that this is a real tough time and I would not mind comparing it with slow and brutal butchering of one's patience and faith. However, I have always felt that we stand nowhere against time and that waiting is what is really expected of us. I know it's relatively easier for me to say this, given the fact that my waiting has rewarded me with Shell. But really speaking, who knows of future - not to be negative, but I may end up finding my career goal diverging from what all Shell can offer. So even Shell is just a superficial reward in one sense. Finally, everyone is looking for that tranquility and sense of satisfaction.
So how can a (supposedly) good app get one what he/she really wants ... because most of the times, we even fail to understand what we want from life. I hope that is not the case with my friends. But I've only one request to them - respect time. Referring to Steve Job's speech at Stanford University - Again, you can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future.
I know that most of my 'learned' friends would find this difficult to digest, but at any level, patience and faith transcends logic and intellect. One just needs to wait, observe and accept.