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I applied 3/1 and I am aware that is late but according to LSN, many others who applied to the same schools on the same date or later already heard back. I understand that this isn't GOOD news but what does it mean? Are they waiting for 4/15 deposits to come in? Will I likely be dinged or waitlisted?

It depends entirely on the school. You applied extremely late, so I'd assume waitlist or nothing. But I don't know much about schools that still accept applications that late in the cycle.