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I would just send an email. I mean, really, they send us form letters. And they expect that students will go elsewhere - it's all about their yields. Don't kid yourself. And I have to say - every time I've offered a job to someone who decided not to take it, i was so uninterested in debriefing about it. I can remember a couple applicants with whom I'd connected during the interview, and they seemed to want to emote about their decision not to accept, and I was already moving on. I had a position to fill and needed to keep it rolling. Nothing against those former applicants - I wish them all the best - but I had a job to do.
But here's a question - might it be worthwhile to make nice with someone from the admissions committee or with a professor who was particularly nice to you? I say this because I wouldn't want to burn bridges. Maybe that professor who took the time to talk with you about entrepreneurship -- and has been emailing you all along -- could be the guy you're applying to for a job down the line. Nothing long and wishy-washy, just a simple update and final thanks. Thoughts, gang?
Some schools include the option "not attending" in the acceptance form and it includes a couple of lines for you to explain (eg: what school attending or other reasons). At least Ross' acceptance form has something like that. I assume you can either Fedex or fax it.
If, however, I had got to know somehow some person in the admissions committee (either during interview or otherwise) I would probably phone that person or e-mail that person.
I sincerely thank you for giving me the admission offer to MBA program starting Sept 2007 at one of the greatest business school, ABC Business School. This was a great opportunity to know more about ABC Business School through the application process. But sometimes you have to make very tough decisions that become tougher when every choice carries the potential to lead you to success. That is why I have accepted an offer from another business school that best fits my career ambitions and goals. So I have to sadly inform you that I will not be able to be a part of wonderful MBA class that is starting in Sept 2007. I fully appreciate the effort the ABC admission staff has put into reviewing multiple parts of my application and profile. Even after this decision, my respect for Mr INTERVIEWER (It was telephonic interview with Recruitment Director) and other professors at ABC is still unshaken.
I hope we will cross roads at some point in life. I wish all the best to this year's incoming class.
If you have any questions, please feel free to contact me any time.