are you guys open to working anywhere else? i mean a harvard degree is pretty damn mobile...so why not look elsewhere instead of just india/US? that way you can still earn high wages to pay off loans/debts without having to worry so much about your residency status in the US.
in the mean time though, 2 yrs apart would really suck and for the reasons you mentioned about family, etc. i would consider a top 10 PT program just so i can get on with living life. if i feel like i could achieve most of my goals with a PT degree, even like 70% vs. what i can do with a harvard degree, i'd go with the PT program simply because you gain so much more in life and there's simply no substitute for that.
Oxford Round 1 - interview invite 10/30/09, admit 12/11/09, ATTENDING 2010
My Road to Oxford and INSEAD http://gmatclub.com/forum/my-road-to-oxford-sbs-and-insead-89413.html#p676253