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I fundamentally think that EC's are over-rated.
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That's a misconception of astronomical proportions. HYPS see more academically qualified applicants than they can admit; ECs are a huge factor at such schools. Colleges (at least the top ones) would like to know you outside of the classroom. A 4 GPA with the toughest courseload sure is impressive, but not if your only extracurricular activity is making out with your pillow.