(Source: Washington University)Ivy League schools are used to saying "no." They're just not used to hearing it.



Still, a number of top students each year tell the Ivies to keep their offers. Instead, they're attending second-tier private colleges and top public universities because of hefty scholarship packages. Ivies claim to meet students' financial need, but do not give merit aid.

So faced with a decision either to drop tens of thousands on an Ivy sheepskin or to graduate from a less prestigious institution with little debt, some students are choosing the latter. If you're faced with this dilemma, be sure that the scholarship package covers four years, and is not just a "bait and switch" scheme designed to hook you and reduce aid in succeeding years. And if you can get a relatively free education at a decent place, go for it.