So you would rather have as your back-up plan the option to take a very low-paying academia job (assuming you could get one) out of Harvard just because you had to pay a ton of money to attend and really wanted academia rather than being debt-free out of UChicago and have more freedom of choice after graduation? (e.g. not take a low-paying job to qualify for loan forgiveness)
So I think it goes like this:
If Harvard --> academia, then free, because LIPP
If Harvard --> firm job, then take out/pay loans, but they're manageable because high salary
If Rubenstein --> academia, then free, because Rubenstein pays for it, but this is less likely
If Rubenstein --> firm job, then free, because Rubenstein pays for it
Personally, the lay prestige is worth very much the extra cost. But this is beside the point, because I'm not paying for it, and the people that are (parents) are even more gung-ho than me that I should go to Harvard at any cost, so I think I have my decision made.
I was making the point that if you wanted to go into academia, it becomes the same because they would both be free, and you would be MORE LIKELY to get an academia job out of Harvard. Thus, people who want to go into academia should choose Harvard.
And this is very definition of a champagne problem.