What does it mean when a graduate school says they will send final decisions out by a certain date?

I was waitlisted for a graduate program and was told over the phone that final decisions regarding additional acceptances would be "sent out by March

I was waitlisted for a graduate program and was told over the phone that final decisions regarding additional acceptances would be "sent out by March 20" via mail.

Does this mean applicants can find out earlier than March 20, or is March 20 the day all decisions (whether good/bad) are announced?

or:I was waitlisted for a graduate program and was told over the phone that final decisions regarding additional acceptances would be \"sent out by March 20\" via mail.Does this mean applicants can find out earlier than March 20, or is March 20 the day all decisions (whether good/bad) are announced?

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