Absolutely - I should have been more clear about the larger context. I was responding to the “You have to leave the kids you know after three years” assertion, because I don’t think the quality of the escape hatch is really the issue. If the OP later gains a greater understanding of what engineering is, and decides that the double-degree is desirable after all, the “escape hatch” isn’t a mirage. For a student who definitely wanted engineering, the Waterloo opportunity would make much more sense. But for this student - who would clearly rather be exploring a range of options at Colby and enjoying a more traditional college experience - choosing a 5-year “boot camp” to prepare for a career he doesn’t even necessarily want sounds like a pretty grim undertaking. And indeed, Colby at 30K/year is a pretty great deal!
OP, I feel as if the subtext here is that you feel as if choosing the path you prefer would be self-indulgent. I think that’s only the case if you choose Colby, and then let your “procrastinator” side take over and fail to make the most of it. If you keep in mind how hard you would have worked at Waterloo, doing something you didn’t love, and resolve to work even 80% as hard at Colby on the things you do love, the combined investment of your parents’ money and your effort will open many doors. Keep in the front of your mind that the effort piece is an essential part of that bargain, and I don’t think you’ll end up having any regrets.