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I had an engineering internship when I was 14. Definitely missed out on whatever kids my age were doing that summer, but I was too much of a nerd to even have wanted to do anything else. I think it worked out for the better, and I hope it does for Shalin too. To Shalin: Kill those SAT's and get into the school of your dreams. It is absolutely worth it.
I'm currently 17 and have done internships for both of the previous summers. Although getting experience was both edifying and fun, there was still a huge opportunity cost. I would have preferred to spend a bit more of my summer indulging my personal interests. Although it was certainly a great experience, I'm unsure about whether or not I'll look back in ten years and wish that I had taken advantage of my summers. A…
It sounds like you are describing enslaving oneself to the cult of elite schools. Standardized tests are just one stepping stone. Standardized tests are a much smaller issue if your focus is on amazing achievements in the real world rather than the amazing achievement of getting in to a luxury-brand school.