Now that you’ve finalized your balanced college list, it’s time to evaluate your application strategy — deciding when and how you will apply. Given the hyper-competitive landscape, it’s more important than ever for college-bound high school seniors to consider how their application strategy will impact their chances of admission at their dream schools.

Just as there is no one path to getting admitted to a particular school, there is no one reason that applicants get rejected. Usually, it is a combination of factors, not all of which are within the applicant’s control.

It’s one of the most critical, confusing, and stressful parts of completing the college application process: the personal statement. As a component of the Common Application, the personal statement gives students the most control and the best opportunity to let the university get to know a little more about them.

The college application process is potentially the most stressful time of a student’s high school career. However, chances are they’re stressing about things either out of their control, or fixating on one of the many myths surrounding the college admissions process.

In the U.S. admissions process, colleges and universities take many factors into consideration. Admissions officers look at “hard factors — GPA, grades, and test scores — and soft factors — essays, extracurricular activities, recommendations, and demonstrated interest — to gain a full picture of applicants.

One of the most important elements of the college admission process is also one of the most overlooked by students and their parents: timing. When competing for admission at your top-choice college, it’s not enough to just write a few essays and hit “submit.”

With admit rates at historic lows and more students applying to more colleges than ever, it’s important for students to make sure they’re submitting the best applications possible.

For students expecting early decisions, it’s easy to imagine how they’ll react to their admissions outcomes — whether it’s an acceptance or a rejection. But there’s another possibility on the table that many students forget to prepare for: a deferral.