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I have everything ready to go for this cycle admissions. My question, if, god forbid, i dont get in this cycle, what will happen to the LOR? since they have date where prof usually signs? do i have to get new letters from my profs again or can i use the letters later too (for next cycle)?
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as someone who's applied for a lot of competitive fellowships/scholarships (some that need 5+ LORs for a single application), i can tell you that your profs almost certainly will not mind refreshing the letter! if someone already likes you enough to write you a LOR, they're generally also invested in you and your success. they probably will not mind updating the letter with a new date and an added sentence or two.
if (and that is a v big if) you end the cycle unsatisfied and are planning to reapply, i would just be send an initial email thanking them for their time, sharing your results, and notifying them that you are preparing to apply again next fall. i would then follow up a little bit later and ask them if they would please consider updating + resubmitting their initial LOR.
ymmv, ofc, but i've been told that it's easier for a prof to update an existing letter than crank out a new one.
You can reuse your LOR for future applications if necessary.
I am not 100% certain but I believe they last for 5 years.