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You can be accepted, rejected, deferred (when I applied, one school sent me a letter saying I was still under consideration and could send in updates, additional essays, or recommendations), or waitlisted.
If you are very obviously in or out, you'll hear very quickly--within a month or so. If you're more on the cusp, it can take a loooong time--the schools will wait and see who accepts their offers, and accept or reject other applicants based on that. There were places I applied to in November and didn't hear from until April!
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