I've heard of likely letters, but I'm a bit confused. Do regular decision applicants ever receive them, or are they mostly for early action/decision? If they're possible, what do they typically signify?
Absolutely, regular decision applicants can and do receive likely letters. In fact, regular decision is the primary round when likely letters are sent out.
A likely letter is a communication from a college or university to a student indicating that they are highly likely to be admitted. These letters are typically sent out before official decision release dates. The purpose of such a letter is multi-fold. It allows the institution to express their enthusiasm for the student and their application, gives them an edge in yield management (trying to ensure that admitted students actually attend), and it allows students to begin making their decision prior to the official date. Since the timeline for the early admission rounds is so much more condensed, there's generally not a need for likely letters.
However, it's important to remember that likely letters are not official admissions decisions, and not all schools use likely letters in their admissions process. They're more commonly used by highly selective schools who want to ensure the enrollment of standout students. If you get one, it's a positive sign, but be prepared to wait for your official notice of acceptance.
Per your second question, likely letters simply signify that your application was compelling to the admissions committee, and they are strongly considering admitting you. Consider it a good sign, but also keep in mind the official decision will come in their formal acceptance letter. Nonetheless, it's an indicator that your chances of acceptance are high.
Here's an example: some Ivy League universities send out likely letters, which usually say something along the lines of "the admissions office was extremely impressed with your application, and if your grades maintain the same level as when you applied, you're likely to be admitted."
So to summarize, regular decision applicants are in fact the primary recipients of likely letters, which provide an early indication of a positive admissions decision. But nothing is official until the actual admissions notice comes.
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