Berkeley vs. UPenn?

I applied to the University of Pennsylvania a few months ago and was admitted under the Early Decision option. However, given the expense of attending a private school on the east coast when I live in California (tuition+plane tickets+general living expenses I could have avoided had I chosen a school closer to home), I've been wondering whether it would have been a better idea to apply to and subsequently enroll in a UC--namely, Berkeley or LA. Do the benefits of attending an Ivy League (as opposed to an upper-tier UC) really outweigh the costs? (I've heard with Cal Grants a UC education can range from $5000-$9000 a semester, as compared with the $20,000 expense a Penn education entails.) I have also heard that there is no inherent benefit in attending an Ivy as an undergraduate. Is this true as well?