It isn't always the decision that matters, its what you make of the result.
Most of the smart people I know, even those who went to Harvard, are self-educated in that they pursued knowledge with an eye for learning and practical use.
You can't go to Harvard and passively become educated. You can, through many channels, become well-educated, even if you just go to a library and read extensively.
It is more tempting to play with your XboX 360, or your penis, but it's more effective to do other things.
Things that will not help you become educated:
Metallica's Black Album
At the Gate's Slaughter of the Soul
Green Day and similar bands