I have some regrets about my choice of undergrad school, but it isn't because I went someplace cheap. I could have gone to one of the multiple state schools that would have given me half off just for being born somewhere.
Instead, I went to a school that was in my home town. I learned things when I went to college, but that school was objectively the wrong choice. Not only did it cost double what the state school would have cost[0], I missed out on the reason young people ought to go to college in the first place: a once in a lifetime chance to spend 4 years hanging out and making friends with high achieving people who would go on to shape the face of the world.
Granted, one of my college friends ended up as a senior researcher studying cancer, and another went on to work for Mozilla, but I'm pretty sure in my class of ~300, there weren't too many CTOs, VPEs, star researchers, etc. Simply going to a bigger school would have been a better choice; going to a school that was both bigger and better than my undergrad institution would have been the best choice.
I guess that's what you get when society expects a 17-year-old to make what may be the single most impactful life choice they'll ever have. ¯\\\_(ツ)_/¯
That said, going to a small liberal arts college had its advantages. I learned a lot. Some of that stuff I learned, I've even gotten to use once or twice. But, looking back, if I could send my past self a message back in time, I'd tell me to go somewhere else. I may not have been much better off financially if I had met someone in college at 20 who talked me into partnering up on some insane business venture or something, but that experience would have been priceless.
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[0]: This was even after I got a scholarship that reduced my estimated family contribution to 2/3 of what the sticker price was, on top of being able to stay at home and save money that way.