I got all rejections save for one waitlist my first round, to my dream school (where I have been waitlisted yet again, go figure), and the final rejection from them didn't come until nearly April 15th. So it was about 4 months of holding onto hope as my odds dwindled. Getting that rejection crushed me, and it took me a year to decide to apply again, but I'm so glad I did. Even if I hadn't gotten any acceptances this year, redoubling my efforts and trying for a second round made me a much better writer. In the end, that's the most important thing.