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There are a couple of other reasons why someone would turn down CalTech:
1) they have the desire and are the caliber to be a prof. in science at a top school, but they would prefer to have a liberal arts education
these people might end up going when Harvard/Princeton/Stanford turn them down.
2) as it has been said, Harvard and MIT have more name recognition, particularly among those who don't know about science...both MIT and Harvard have a little more history
3.) they want academic rigor but the firehose style of disseminating information doesn't suit them. these people might be able to learn a similar amount on their own
4.) the campus --this is more of an issue for people turning down MIT, as frankly most people think the campus and dorms are ugly.
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People that I know turning down MIT for comparable schools did so for the following reasons:
1) they would prefer to go to a liberal arts school as long as it is in the top 5
2) don't like the campus
3) don't feel it is a healthy environment (i.e., suicide rate)
4) don't like the "firehose" technique of learning
5) more prestige at Harvard, and the workload is less
I don't know anybody who turned down MIT because of who they admitted or their admissions policies.
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