I'm currently sending off my applications and I've realised that with application fees adding up, I'd rather not apply to both NYU and UPenn. I'm international so I don't qualify for the Common App fee waiver or school-specific waivers.
While most people and websites say UPenn is the better university, NYU has a better acceptance rate so I'm more likely to be accepted. I also think I'd like New York better than Philadelphia, although location isn't a massive deal for me since I feel I'd be happy anywhere. Conversely, I'm from a country where university prestige is a big deal. While UPenn is an Ivy, it's less well known and I'm not sure how prestigious NYU is.
Which should I apply to, or should I try stretch my funds and pay both?
The answer depends on the context of your overall list. Do you have safety and target schools? Upenn is a reach and NYU is probably a hard target / reach for engineering. While NYU does have a higher acceptance rate it's no guarantee you'll get in and the reject 1,000's of highly qualified applicants every year. If you can't afford to apply to both schools, I suggest looking at your list and seeing if you need more reach, hard target, target, or safety schools. Are you seeking aid? This is also an important factor when considering an application between these two schools.
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So I ended up doing UPenn, since I'm not concerned over higher acceptance rates etc., but thanks for the help! I'm international and I've got offers from other countries, so I'm only applying to reach schools in the US since my offers elsewhere are a mix of targets and reaches, meaning I wouldn't choose a target school in the US over one of my reaches elsewhere. As far as aid goes, both NYU and UPenn are need-aware and I don't necessarily have a preference for either school's aid policy.