I asked a similar question last year, but the stakes have changed slightly.
So, I have an offer from a top 5 program in Chemical engineering (my major). There are a couple of extremely accomplished professors in fluid mechanics here, which is what I want to study in grad school. However, I am not so interested in attending this school for graduate school because it does not send many people to academia post-graduation, despite being a top 5 program, mostly because it isn't a very big name school. Or at least I assume this is the reason.
The deadline to reply to this school is March 5th.
To complicate things, I am waiting on a reply from a much more prestigious university for a summer internship. While the school has a much better name, its ranking is slightly less (number 6 for chemical engineering). I think I have a very good chance of getting this internship (my PI went to grad school here and wrote a very strong letter, plus I have a good resume otherwise). However, I learned today that they will NOT be able to get a response back to me before March 5th.
I am much more interested in attending School 2 (slightly lower rank, better name), because they very frequently send people to academia, which is my long term goal.
School 1 (higher rank, worse name) was pretty firm in the March 5th date, so I don't think I can ask for an extension.
Financially, School 1 offered me a slightly better deal, I'd be netting about 2k more over 10 weeks. However, that isn't as important to me, since the experience is worth far more than the money.
I apologize for the long question, but any advice or guidance would be appreciated. Am I putting too much emphasis on the name and rank? I don't want to be greedy and put all of my eggs in School 2's basket, and be left with nothing if I end up not getting it after all.