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I'm on a number of waitlists and each of the schools has already received at least one LOCI. From all that I've read, it seems that once a month (or so) is about as often as you should send an actual LOCI (whereas phone calls, etc. can be more common).

First, is that the general consensus, or have I misunderstood everything?

Second, what exactly are we supposed to say in a 2nd (or 3rd LOCI)? I have no news to report (no promotion, grades, published articles, etc.) but obviously am still interested in attending. I'm not sure what I can say beyond a canned one paragraph "don't forget about me, I still love School X" -- any advice would be really appreciated.

Just let them know you're still very interested, maybe even go as far as to say that you would definitely attend if admitted (if you're actually going to do that. not sure how i feel about people lying about this, but i won't judge)

I included scholly offers made by other schools in one of my LOCI and made sure to say "if you accept me, i will definitely give up this scholly and come attend school x"