With regard to (2), I think it's more like, "Don't go to school in one of the most expensive places to live on Earth." :P
(I go to school in Boston, and while I live closer to central Massachusetts, plenty of my cohorts who live around Boston don't seem to have any financial issues without doing an internship.)
(I go to school in Boston, and while I live closer to central Massachusetts, plenty of my cohorts who live around Boston don't seem to have any financial issues without doing an internship.)