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Crapolly. I submitted essays for Kellogg which stated "double spacing". Since it was the only school I applied to this year, I took that to mean "just don't single space" and used 1.5 spacing (on top of a 10 font). I didn't realize schools would actually specialize 1.5 had they wanted it... I know this is starting to sound really obsessive and trivial - but anyone think this was a big faux-pas and I could get crossed off cuz of it?
I generally used 1.5 line spacing, unless the school asked for double. Several actually asked for 1.5 line (Duke if I recall).
I agree that 12 point Times Roman is a good choice. 1" margins all around works pretty well.