Existential

Sorry, I posted that too soon. My main point is: please do not attend a program that is beneath you (unless there is very good reason). Unless the "safe" school is a prestigious school, who cares if you are blacklisted there (and I doubt you would be)? Please consider how hard you worked to get into graduate school and how much this means to you. Go with the school where you will be most surrounded by those who are on the same level and which will be most beneficial for your future career and endeavors. Think of who your colleagues will be at the safe school if it is not very selective. It is your life, your time, and your money. You can simply explain the scenario to the first school. It's your life!! Good luck!

I was in a very similar situation as you are now last year. I decided to go with the "safe" or, in my case, the less reputable school because I was on the waiting list for a fellowship that would have covered 100% of tuition and because it was more creative of a program than the selective school I was accepted to. Also, I was afraid of the repercussions of revoking the offer. I am back on this site to offer advice to those in the same situation. PLEASE go to the school that will best honor your talents and intelligence. Do not go to a school that is beneath you if you have the opportunity to go elsewhere (regardless of whether or not you've already technically accepted). It's good to be a conscientious person, but it is your life, money, and time. These things happens. However, I guess you also need to weigh the financial factors. Did the safe school give you very impressive funding while your dream offered you none? Also, does the safe school have good ratings? Here is one issue I didn't consider when going with the less selective option: the other students in your program. I am in a graduate writing program that should require some degree of talent in order to be accepted (and we were misled to believe the latter is the case). I am in classes with people who have no business being in any graduate