I want to apply asap because I can't stand the waiting.
While it is understandable that you are anxious to apply, don't rush to apply the first chance you have with the mentality that you have an advantage over anyone or that you will have an offer earlier. There is nothing wrong with applying early, but it totally isn't necessary.
They will stop interviewing in April. They allocate spots on the program throughout their recruiting timeframe (they don't give out all of the jobs at the beginning and they do wait list people).
Following the telephone interview, someone could be told that they got in or that they were rejected. They could also be pended. This is the wait list I referenced earlier. The pending people are given a date that they will receive a final decision by at the latest. This is usually a week or so after they have completed their last presentation and interview. Pending people can find out a final decision at any time. Some have to wait longer than others.
This past semester more than a handful who interviewed the first week that they were available ended up having to wait until December before they were informed of a final decision (some made it in, some didn't).
The notification process is outlined here:
https://www.wdwcollegeprogram.com/sap/its/mimes/zh_wdwcp/students/faqs/faq_notification_process.html
Sadly, although Disney clearly asked pending people not to contact them asking for an update, many ignored this direction and called/emailed over and over and over again. Some bragged about intentionally ignoring what they were told (posting "I know they said not to, but I just couldn't stand it") and also complained when they weren't given any info over the phone (go figure). Although I have no way to be certain, I have a very strong feeling that ignoring Disney's direction did not work in their favor.
My point is that if you are so totally excited and anxious to just apply, you may want to hold off until a bit later (like early March) in case you get pended. That way you can balance out your excitement between applying and receiving your notification and fight the urge to call every day and ask "Did I get it?".
Of course, if you think you can manage some self control and wait until Disney contacts you like they ask everyone applying to do, then there is nothing to worry about. Also, you may be one of the lucky ones who does get the final decision without being pended.
I really hate to see people who want to do the program so badly (and would probably be fantastic Cast Members) screw stuff up for themselves due to their excitement.