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In this video, Michael, a first-year medical student, explains the concept of a letter of intent, which indicates a commitment to attend a school if accepted. He notes that such letters are typically written by applicants on medical school waitlists. Michael shares his personal experience, mentioning that he completed a special master's program that facilitated his medical school interview, after which he was placed on the waitlist at his current medical school. He plans to read the letter of intent he authored for this school following his interview.