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Another con is that, for the rest of your life, some people who don't really know you but attended one of about 7-8 particular other schools will presume that they are smarter than you. However, even these people will grudgingly suspect that you might be smarter than a lot of other people, just not them.
For example, at an alumni function I attended, a doctor I was talking to said that after Cornell, med school was relatively easy.