The entire process can take a couple of months. I completed my last class in mid-May '07, EC notified me I had met requirements mid-June '07 and graduated 8/17/07. They do ship your diploma priority mail so you get it in a day or two after your graduation date.
I think if you finish by the 15th of month, including all paper work you can graduate on the following month. Gavin
I had my last transcript sent to Excelsior the first week of February and they posted it on February 14th as received. Mid-March my online account said it "appears you have completed graduation requirements". I then got a letter the third week of March asking for final fees and how I wanted my name on the diploma. Sent a reply back immediately and paid fees. Letter said reply had to be back within two weeks to get the graduation date of April 18, 2008. The paperwork also had a place for you to ask for a later graduation date. March 25 my account showed degree requirements completed and a graduation date of April 18, 2008. Waiting for the next stage.