There seems to be a lot of opinions here and some are close and others are way off.
1. An individual cannot receive an LOA or LOE if they are not an official candidate. That individual cannot start the application process until the second semester of their Junior Year
2. LOAs and LOEs are significantly different and are used for different purposes but neither are issued in large quantities.
3. LOEs are an ENCOURAGEMENT to complete you application as you are a competitive candidate that will compete well against other applicants. It also authorizes an overnight visit.
4. LOAs are an ASSURANCE of an offer of appointment if you meet certain requirements, typically completing the application, passing the CFA, Obtaining a nomination, becoming medically qualified
I would not say that getting an LOE has zero bearing on your chances of an appointment. If you are one of the few to receive one, you are toward the top of your potential nomination slates, BUT these are typically done in September not in February when the slates are resolved. Just because you are on top of the slate in September, there is no guarantee you will still be there when the slate closes.
The advice for these individuals is also separate:
1. LOA holders: You have a guaranteed opening, do not slack off and make sure you complete all the steps as soon as possible.
2. LOE holders: You are definitely in the game but need to keep striving to make your application the best it can be. Keep practicing the CFA, take the ACT one more time, seek out more leadership roles, keep updating your application with new accomplishments.
To the rest of the candidates who may read this: Do not focus on an LOE or LOA. The end game is an appointment. Over 90% of appointed candidates have neither of these.
PS: My DD received an LOE and did not receive an offer her first year and did not receive an LOE or LOA her second year but gained an offer.