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I'm assuming 11pt font is ok, presuming it's also OK for the Personal Statement and other things required by the school. I know there are some threads on this, but I can't find a font-specific reference. My LOCIs currently look a bit crowded at 11, but I don't want to trim them anymore.

I definitely wouldn't go smaller than 11. I filled out two applications that specifically asked for 12 on all documents. 10 is always going to be noticeable.