I heard if you go through recruitment at Ole Miss you're guaranteed a bid...Is this true?

Colleges and Universities A-Z University of Mississippi
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…And how do they do this if it’s a mutual selection process?

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Fraternity or sorority? That’s false either way. You will find a house you like though. Sororities have to have references, fraternities don’t. Guys have a final 3 and your final 3 may not match the final 3 that want you to pledge.