it started with a letter

Dear S:

I am delighted to inform you that the admissions committee of the
English Department at X has accepted your application to our doctoral program, and has nominated you for a Y Fellowship, which provides full support for five years of graduate study. Competition for a place in our program was extremely strong this year; we received xxx applications to our doctoral program, and we expect an incoming class of approximately 11 students.

and so on.

Immediate reaction: Thank god! No more worrying about my unemployable skills! No more looking at my wimpy resume (the culmination of four years of academics at a small liberal arts college and very little else) and wondering how I'm ever going to feed myself! Five more years of academic bubble-time! Hurrah! Thank God!

Second thought: Oh my god. Am I really ready do this?

Third thought: Wait a second...eleven students???!!!!