would it be a foolish decision to take rice over stanford??

Please try to take worthiness out of the decision. I felt the same way about myself many years ago (first generation college, immigrant parent) and chose the school with less prestige. Got a great education, made great friends, but will never know if the same would have happened at the more highly ranked, internationally reknowned school.

DS2 is facing a similar path. He decided to attend the higher ranked reach school that accepted him over the school that all along had been his first choice. He is nervous about it but finding ways to get comfortable, like joining the Admitted Students page on Facebook, and atrending a summer head start program.

Best of luck to you.