Should I transfer to Michigan? What are my chances?

<p>Currently, I'm enrolled at Central Michigan University. I'm a freshman, and I'm studying to become a political journalist. I really like it there and I can see myself there for 4 years. Plus, my tuition is almost completely covered for my 4 years there.</p>

<p>The thing is, I probably should've been accepted to the University of Michigan. My teacher, who was writing my recommendation, got my letter in 2 months late, and because of that I missed the early decision deadline. I probably would've gotten in then. Instead, I went through the regular decision and was wait listed, in part because of how many they already accepted and a record amount of applicants.</p>

<p>I really, really love Michigan, and it has a great political science department and many great journalists have come out of the school. Even though I love Central, I think U-M would be a step up in terms of getting a great education and I have a shot at transferring. It's like 1 and 1a for me. A couple questions, though:</p>

<ol>
<li><p>Would going to an elite school be better for me? I'll be happy at either place (slightly happier at U-M), but would that put me that much more ahead?</p></li>
<li><p>Is it worth paying so much more in money to go there?</p></li>
</ol>

<p>Again, I really like Central, but U-M would be a step-up for me. I'd get an even better education and I just love campus there. It's my dream school. And I have a good shot at transferring there, I think. According to my high school college counselor and some online "what are my chances?" things, I probably would have been accepted had my teacher gotten that letter in on time. Obviously, I don't have a college GPA yet, but I had a 3.9 in high school and had a 30 on the ACT. What do you think I should do?</p>