Well, the moment of truth has finally arrived. Everyone's back from a week of après-ski hot tub fun in Sun Valley and cream-colored envelopes from the Ivy League are beginning to drop all over Fifth Avenue doorsteps. The question is: are the envelopes thick or thin? Has Nate's devotion to his misbehaving heiress dimmed his chances of getting into Brown? Is Blair too busy daydreaming in Eric's old pinstriped oxfords to remember her real mission in life- Yale?? Hopefully Serena can snap her newest-and-oldest-best-friend out of it. That is, if Serena hasn't already become a vapid, celery-eating supermodel to even care. Everyone is so consumed with who's getting in where that they're forgetting an even more important question: will everyone graduate?