What happens if you fail the tape test at MEPS?

I'm overweight but I am just below the body fat % required to join the army. If I get DEP'd in it'll be at least two months before i ship so i have more time to get in shape. Still right now I know i'll have to take the tape test and the ARMS test and I've heard horror stories of bad measurements, etc. at MEPS. I was told by my recruiter that if I fail, i have to wait 3 days for every pound I'm over. Is that true? or is there some sort of waiting period before I can be taped again?