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College choice: Penn vs. UDel (Honors)

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Complicated question, but my son got into Penn Engineering school today. He had previously gotten in to Delaware (Honors College) with a Distinguished Scholarship award of $120,000 over 4 years. He is accepted into bioengineering at Delaware, and would likely do the same at Penn. We would get zero need based aid. Net cost at Penn for 4 years is now ~$280,000. Delaware would be ~$64,000. If needed, we could pay for Penn, but it would hurt a little, and he would have zero money left for possible grad/medical school (end game not certain at this point). He would be a 'big fish' at Delaware, with priority registration, extra advising, honors housing, program flexibility, etc. But, it is not Penn. Any thoughts from CC on pluses and minuses to this classic dilemma?

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