BoCo and PSU are very, very different, though both offer a BFA.
Boston Conservatory is just that: a conservatory. It's ALL about the arts, though I am told that the MTers do take some liberal arts courses. BoCo also is, as you know, located in Boston and is urban. Without the benefit of scholarships or grants (good financial aid) BoCo is very, very expensive. It's also worth remembering that BoCo does have what some call a "cut" system, whereby kids who are unable to pass their evals/juries have to leave.
Penn State's BFA program, on the other hand, is part of a larger, comprehensive university and the MT students take 45 credits of liberal arts that are not geared specifically for actors, singers and dancers. I don't know the size of the incoming freshmen class at BoCo, but I guarantee that it is substantially larger than that at PSU, where the average class size (meaning freshmen, sophomore, jr and sr) is between 12-15. Penn State is not located in a city. Because PSU is a state university, it's more reasonably priced, even for out-of-staters. There is no cut system, per se, though PSU MTers do have to pass juries.
Of course, you no doubt know all of this already and are just trying to figure out how to choose between them. Great dilemma to have, isn't it, as both programs are so good. Best of luck and congrats on having great choices.
