A cover letter should be short and explain why you would be appropriate for the job/position applied for. It should show your personality and make sure that it is easy to read. I always liked to end it with "If I do not hear from you by (this date), I will call to follow up. I look forward to an interview in the future". Or somthing along those lines. My cover letters were also only 3 paragraphs.
Depending on how serious about the job the more effort you should put into it. And remember it shouldn't sumarize your resume at all! Switching colleges may need a different approach but I hope this helps.
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