I'll reply to those of you who messaged me individually, but just a couple of notes for those waitlisted or rejected since a few people have asked me the same questions:
Regarding what you can do now:
1. Finish the GMAT. Just do it. I know private tutors are expensive, but so is b-school. A tutor is the best way to maximize your efficiency. I took the GMAT 3 times, and ultimately scored a 730. The test sucks, but you need to get it done.
2. Define your career goals/story. You must be able to give an articulate response to the following questions: What are your short and long term career goals? Why do you need an MBA? Why now? Even if you don't really know what you want to do, that's fine, but you need to have a story that makes it seem like you've got it together.
3. Get together with each other and practice these things. Down the line, ask each other for feedback on your essays, or conduct mock interviews.
MLT forces you to think about these things early, but you all are already ahead of the game. Set a strict schedule now for the next 9 months until Round 1 apps are due, then stick with it.
Lastly, a note regarding Nadia222's comment: The MLT program for once you're in business school is called MLT Professional Development. You can now actually join it before b-school. There's an application process that will take place this time next year. If you do MBA Prep, you're automatically accepted to PD. If you're not in MBA Prep, you can still apply for PD separately. I just started the PD program after finishing MBA Prep.