What's the definition of rolling admissions?

Can someone clarify what rolling admissions means exactly? I've seen the term a lot while researching schools, but I'm still a bit confused about how it affects the application process.

Rolling admissions is an application process whereby colleges review applications as they are received and render decisions on a continuous basis until all spots in their incoming class are filled. The term "rolling" refers to the process being ongoing, as opposed to having a strict, fixed deadline.

So if a school has rolling admissions, it means you can submit your application at any time within a large window (often several months), and the college will usually review it and make a decision within a few weeks of receiving it. This can be beneficial for students who complete their application early, as spaces in the program or college could potentially run out the longer you wait to apply.

However, even a school with a rolling admissions policy might have a suggested deadline or a priority deadline, after which they may not be able to guarantee availability or financial aid. Also, many schools that use rolling admissions still have set deadlines for scholarships or honors programs. Therefore, applying earlier is generally better, even for colleges with rolling admissions.