I'm a senior undergrad at a top-ish(say, top 15) math school. I'm a solid, not stellar, student. This year I'm taking the qualifying exam grad courses in algebra and analysis and have been taken aback by the "pressure cooker" atmosphere among grad students here. That is, even moreso than in the undergraduate program.
If I'm self driven, could going to a "less prestigious" school afford me more space(I mean in a psychological sense) to produce a more solid contribution to math? By "less prestigious", I mean a school "ranked" significantly lower than the range of schools that I could comfortably get into. For me, "less prestigious" would be ranked around 40-60 on, say, USNews or NRC.
My reasoning is that at such a school, I would be more able to learn the fundamentals at my own pace, as opposed to a pace dictated to me by the program. I know I want to do math, and I think my learning style may be better suited to going at my own pace. Thoughts?
I think that there are several important points.
First, you will learn just as much from your fellow graduate students, especially in the initial years, than you will from your professors, and far more from your fellow students if there is a good atmosphere for it. Thus, I suggest that you try to land at a school with a supportive and studious student environment. You can visit the places to find out, and talk to graduate students there. From this perspective, it is very helpful to be at a place that has many talented graduate students---they will help you rise to their level (or you will all rise together). Since the top schools tend to have stronger students, this can be a good reason to go to a top school when it is possible.
Second, most of the pressure on graduate students is self-imposed, instantiating their drive to do well mathematically. Every school, including the top programs, have some students that proceed at a different pace. So you can often resist whatever external pressure you imagine is there. (One important exception to this is at a school where financial support might be withdrawn for slow progress---so look into that at the places in which you are interested.)
Third---and actually I find this to be the most important point---you shouldn't look at the school only and make a such an important life decision based only on mathematics and prestige. Rather, look at all aspects of how the choice of a school will affect your life. You must consider the city and region as well. For example, do you prefer city living or country living? If you like the mountains, hiking and snow, then don't go to Florida, and similarly, if big city living is your preference, then don't go to small town. I find that this kind of consideration is oddly often neglected among mathematics students.