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It’s worth taking note of the statistics published on the program’s webpage. They’re only accurate up to August 5, 2020, but: of 3,300 applicants, only 725 grants.
To be clear, though: 3,300 applicants versus 725 does not necessarily mean that 2,575 applicants were turned down. It may just be a snapshot as of August 5, conveying that 725 applications had been granted thus far from a pool of 3,300. I don’t want to be unnecessarily discouraging.