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Okay you've come to the right place. I encourage you to look around and read as many of the threads as you can. Please make use of the search button in the upper right hand corner of all the pages.
Basically, fraternities and sororities (sororities are female only) are organizations located at college campuses across the United States and Canada. The organization's active members are there collegiate members, but when you join, you are a member for life.
These organizations typically have different combinations of Greek letters as their names. The meaning of these letters as well as other symbols that are associated with the organization (like mascot, other greek letters, their badge, a handshake, a form of signature) are all closely guarded secrets that only members know.
There are some of these organizations that have chapters of their group located Nation wide and into Canada. Others are located only at one or two campuses. The sororities with a nation-wide presence are in a group called the North American Panhellenic Conference, basically comprised of representatives from each sorority that can pass legislation/policy that all the chapters of member sororities will follow.
Depending on the university you attend here in the States, the greek chapters may have special housing in the University dorms, so that all the members can live together, or they may have various sizes of houses actually owned by the chapter and its alumni. These houses may range in size from 4-6 members to holding over 100 members.
The advantages of "going greek" and joining a sorority are many. Typically at many campuses the Greeks have a GPA higher than the all university average, they also are more involved in campus activities and organizations like student government. They also tend to rise to leadership roles in these organizations, and going greek will present you with a variety of opportunities to explore your leadership potential.
There also is a social aspect of Greek Life, with chapters hosting a variety of parties, either simple house parties, to celebrations for certain events in the house (like the anniversary of the founding, or initiation of new members), to crazy theme parties like Hawaiian, Pimps and Hos, toga, and parochial school. Many chapters also hold semi-formals once or twice during the academic year.
The biggest thing about Greek life though is the friendships you will create. Sharing that secret bond, and a lot of time with girls who share the same interests and goals with allows some of the deepest friendships you will make in this lifetime, even if you end up thousands of miles away later on.
I hope this helps! Again continue to look around for explanations about other aspects of Greek life. There are forums here to discuss things like chapter life, selection of new members and anything you could want to know. Everyone is usually very helpful too.
PS: What university will you be attending?
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