@PurpleTitan raises an excellent point about reputation. I’ve seen radical shifts in the perceptions of a number of schools that used to be afterthoughts and are now hotly pursued.
Also, I’d say odds are much higher that the OP and his family are going to need money for grad school or a house or elder care than that he’s going to find himself losing out on a billion dollar deal because the person he’s negotiating with has fixed ideas about reputation.
Whatever decision you make, make it eyes wide open then embrace it. Good luck!
Your parents said they would pay and it sounds like they want to - this is their choice and your choice. While posters here tell you to save the 80K or whatever for a house or grad school, the issue is, your parents aren’t going to put that in a box for you to have later. Adults are responding what they may like to do with the extra money - but from your perspective what matters is what you and your parents decide. This is your college experience, it isn’t all ROI. I don’t hear love for Rice after your visit.
Go to the school you want to go to and your parents support. It is horrible to pay any amount of money and feel like your child had the wrong college experience - especially when you could have afforded to choose different.
FWIW I’m a Penn alum and love the school but given the price differential as I understand it (graduating Penn with $60k in loans v graduating Rice with $80k leftover for grad school) I’d go to Rice – especially since it sounds like you do really like Rice.
You should go to Rice.
I was not happy at Penn.This has more to do with me than with the University of Pennsylvania but I have two BA’s, one from U of P and one from a NJ state college. I was much happier at, and met my future wife at, the state college. Penn and the city can be quite cold and alienating. And as I have mentioned before there is not a year that goes by where there is not at least one suicide at Penn.
And as far as what @bestmom88 said, I have a cousin who who started his own brokerage firm, had an office on Rittenhouse square in Philadelphia. He told me once that he doesn’t hire Ivy league graduates because they were stuck up and had a aura of entitlement, so I personally know of one business where you are less likely get hired if you are from the Ivy league. My cousin, by the way, graduated from Ithaca college.
The most important thing you can get out of college are personal connections, and the best connections are the ones you build with your professors. They can open doors, write recommendations, point out opportunities. You are far more likely to do this at Rice then at Penn. At Rice the professors are part of the community, participate in all activities including Rice’s famous traditions, and tend to live in Houston. I am an Alumni of Penn but if they have a alumni network I haven’t been touched by it.
It is true that, on occasion, I have fallen back on my “Ivy League graduate” title for affirmation. But I suggest the important thing here is that you were admitted to Penn; you don’t actually have to go there. There is a certain panache to turning down an Ivy league admit. There is a certain coolness to saying “hey elitist Ivy League school, maybe your not good enough for me” that could be life affirming too. Everyone wonders at the path not taken. I often think maybe I should have taken that scholarship to Carnegie Melon or that full ride scholarship to Rutgers. My nieces and nephews went to Rutgers and they have done great.
But I am not saying that Penn is terrible. And Philadelphia is a great city. I am not sure if I would do U of P again or not so I don’t want to sound to negative on Penn. If you choose it I am sure it will be great and I also suggest taking a class at Swarthmore or Haverford to break the monotony. And also you should really not listen to some random yahoo on the internet, but that’s my input. Good luck.
I could have written a version of what @robotrainbow wrote about another school in the same class. Great for some, not a slam dunk for all attendees. When it comes to alumni networks, size is not everything. Sometimes more personal (and loyal) carries a different kind of weight. YOU are ultimately going to make your experience, and your network, wherever you go, will be as good as YOU make it.
OP seemed to have enjoyed both Rice and UPenn, so it doesn’t seem like a case where she liked Rice over Penn. From kids who visited Rice, I have heard nothing but good things. Rice also has big endowment for a small school.
One good thing about having gone to an Ivy school is that I don’t get intimidated by anyone’s academic resume, only by their abilities and character. I also hired workers and felt I could see through BS resumes. At the top end, smart kids are smart in any college.
I heard that the average person might not know about Rice, but those making hiring decisions surely would. I asked employers I knew in fields I might be interested in (advertising/entertainment/business), and all hadn't heard of it or knew little about it. One congratulated me on the schools I got into, and said every one was respectable (including UCSB) except for Rice; another thought it was "some hippy school". On the contrary, some of the employers strongly suggested I choose Penn, and told me that the name would help me a lot. However, those working in medicine were very impressed by Rice, so any pre-meds that read this shouldn't stress about name recognition. I do wish more people in Nor Cal knew about Rice, since it really is wonderful.
I told my parents I might want to save money and go to a cheaper option. Maybe there was some pride at stake, but they seemed to feel very embarrassed at the prospect of choosing a school based on budgetary limits, and urged me to pick the best option (they seemed to think that was Penn). Also, I should clarify that they aren't overly swayed by prestige; both wanted me to choose their alma maters (UCSB/Northwestern) before we visited Penn.
They re-evaluated their finances, and decided that I only have to pay back 25k. I'm very grateful for their generosity, and I think I can chip away at a decent part of that before I graduate.
Again, thanks everybody for all the advice leading to the decision, and while it was very hard turning down some truly wonderful schools, I’m happy at Penn. Go Quakers!