How does rolling admissions work?
Rolling admissions typically means that the first complete applications receive a decision and notification soonest. That you are notified more or less in the order you applied. The admissions committee challenge with this kind of schedule is that you never know how big the applicant pool is or how strong its professional qualifications are. For students, this means you cannot be compared with the rest of the applicant pool for financial support – at one time. I think it opens up unfair situations where students are competing for financial aid not with other students, but with the adcom hope that there will be stronger students later to award the funds to.
On the plus side, this kind of decision making typically means applicants don’t have to wait as long to hear about their application. Schools may mix or match this with the other rounds.
One other note about rolling admissions: this is far more common in part time programs than full time programs.