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If these things check out to your satisfaction, then I agree this can be a valuable adjunct to the program at your own school. Though not a substitute for it. Due to nuisance and time involved in going back & forth between schools, if nothing else. Depending on the particular situation at hand
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Well, if you want to get into the nuisance factor, I would also check out the nuisance factor of dealing with simply travelling around your own school. For example, I know one MIT student who actually calculated that it actually takes him MORE time to get to some of his MIT classes than it does to get to Harvard's Widener Library. That's because the 2 schools are literally only 2 subway stops away from each other, and it often times takes less time to ride the subway to the other school than it does to actually walk around campus. The subway (the "T") really does give Harvard and MIT a cheek-to-jowl relationship.
I have always agreed that if you want to be an engineer, then a better option than going to Harvard and cross-regging at MIT is obviously to just go to MIT in the first place. But that firstly presumes that you actually have that option, which you may not. I know Harvard students who didn't get into MIT. Secondly, there are clearly many things that Harvard has that MIT doesn't. I'm sure the same thing is true of Swarthmore vis-a-vis Penn (or CMU). Hence, I can see reasons for people wanting to get their engineering education via cross-reg. I don't think it's that bad.