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I checked out the board for my alma mater, and it's actually pretty solid. They even touched on the rumors of grade deflation, which have been going around the school since I started in '99.
I guess the danger with boards like that is that people could take those discussions as the absolute truth, but if people are realistic about things the added advice could definitely help.
My (public) high school was very on top of things with the application process, so I wouldn't have really needed this board. I guess not every school is like that, though, so one more resource can't hurt.
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