As you might have heard last time you applied...It depends.
Under consideration means that they are looking at you for a specific spot. Not all people get the under consideration email, although they do put more people under consideration than actually get interviewed, and more get interviewed than get invited. It means that they think you are basically qualified and competitive, though how competitive (and if you get an interview) will really depend upon the applicant pool for the position they are considering you for. Your competitiveness for a slot could change each time you apply, even if for the exact same position depending on who else applies at any one time.
As far as it being a long wait - there are people who have been interviewed and invited on the actual know-by date, so it's never technically too late until you get the no longer under consideration notification Under the new process, I actually think it is more common to have to apply two or more times before being selected. If you look through some of the forums/reddit, you will find a number of posts from people who had to do that.
If you have some more experience you've gained, or done some additional volunteering, it never hurts to shoot an email to the placement officer to a) let them know, and b) keep your name up front.