Yes, you will be notified. "Rejection" letters typically go out April 15th, same as most schools. A few may hear earlier. But, in my experience, it's around tax day for nearly all.
Last year, USNA formally "waitlisted" some students. They are also notified around the same time (April 15th) that they've been waitlisted. A rejection notice for these folks (if it comes) would obviously come later, but before I-Day.