I was wondering if someone was going to make this point. Let me see if I've got this right. Student Smith interviews at 3 schools. At the school Buddy wants to go to, there are 100 seats. Smith is ranked #90, Buddy is ranked #110 (waitlist). Buddy is upset because Smith, who ranked better than him, is accepting the seat he earned? This offer is independent of the other offers Smith might receive at the other 2 schools or Smith's motivation for accepting the seat. Buddy still would have probably been waitlisted regardless of Smith's decision. I reject that even if Buddy had seat #101, it is Smith's fault that Buddy didn't get a seat earlier.
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Also, Owle's point is undeniable:
Spending one or two thousand dollars, just to see which school can offer the least debt is a lose/lose situation.
Unless I missed the sarcasm, I agree with the corrected statement above wholeheartedly.