Can I just send a letter stating my fall semester grades for do I need to send another transcript? I don't want to mail 8 pages when I can send only a one page letter.
I think a transcript might be required. For example, I went to NYU on monday and there was an insert that said that you were encouraged to send fall 2003 grades but that a transcript was required. Nothing else would suffice. The only exception was if you sent a letter stating what your grades were and indicated that you were sending a transcript to verify your claims, which isn't much of a difference I suppose.
Depends on what school(s) you're talking about. For example, I think Emory's fine with a letter stating your grades, no official transcript is needed until you matriculate.