Choosing an undergraduate institution for a Physics major aiming for a Ph.D. in theoretical Physics involves considering factors beyond just the school's reputation. The consensus is that while the undergraduate school should not be a "real bad college," it matters less than the graduate program. Cost and financial considerations, including tuition and living expenses, are significant factors in the decision-making process. When it comes to gaining admission to prestigious graduate programs like Caltech, competition is intense, and strong academic performance alone may not suffice. Research experience is emphasized as a crucial component of a strong application, with some suggesting that without it, even top grades may not guarantee admission to competitive programs like UCLA. However, there is a counterpoint that excellent universities sometimes accept students without research experience, indicating that admissions criteria can vary. Engaging with faculty and visiting potential schools is recommended to make an informed choice.