I was an 08' at MIT and I'm a current summer founder. I dropped out, and it's going well. There are a few other undergrads in this session -- but no one who plans on going back to school.

Really, everyone fares really well, and whether you were an undergrad/grad/35 years old never comes unto play -- unless it's while joking around over dinner.

It's a great time and you should definitely apply!