As long as you do something productive, you're fine. It's not worth stressing too much over summer programs. I have lots of friends who worked all summer in warehouses (because they had to) and go to top schools, and others who went to summer programs at the same level of institute and got rejected from that very college and others. If you think you'll really get something out of such a program and grow, go for it, but if you think you would enjoy yourself more and feel better working in a soup kitchen, by all means, do the latter. Not one person out of all the Freshman in my dorm went to a 'prestigious' summer program, if that means anything.