Hi there indiandoc,
I was struggling with a similar question (full ride to a top 15 school vs. paying my way through my top choice. Luckily my state school is also my first choice, so I also realize that my bag is a bit easier to take.) While reading this thread, I?ve cemented my decision to turn down the scholarship. Here are my reasons:
1. If I choose not to take the scholarship, I know that price of my decision. If I turn down my 1st choice, I will always ask myself ?what if I went where I really wanted to go, would I be happier??
2. Staying close to my S.O. is priceless to me.
3. I am so freakin? lucky to get into any medical school at all, why would I let the fruits of my good fortune bother me. I got what I wanted and something on the side. (i.e. Cheesecake is good, but I never let it distract me from Ice cream. Mmmm?.Ice Cream)
4. When I was a poor undergrad stressing about going in debt to go to college (20K at that time), a prof said something that stuck with me. He pointed to the parking lot and said ?you are talking about the price of cheap car, aren?t you worth more then that?? O.K., so now we are talking in terms of a luxury sedan. Does the question really change all that much?
5. I want it.
=) Try arguing with that one!
Anyway, I hope sharing my musings helps. I am sure that there really are no bad decisions for us at this point. I turned down another full ride to an unranked school a few months ago, and while writing the letter was painful, I did not regret the decision. After all was said and done, I had followed my heart. That (assume complete ethical integrity) can never be wrong.
Best of luck in your journey.