Going to Duke, I was able to conduct original research that led to a first-author publication. This is an experience most people don't get until graduate school (or even after) and made me much more competitive for graduate school than I otherwise would have been. I firmly believe if I had not gone to Duke, I would have had to spend another couple of years working in a research lab after undergrad before I would have been competitive for grad school.
Although I ended up using my psychology degree to actually be a psychologist, this is very rare. Most people use the degree to pursue careers in widely varying fields, so think broadly about how the knowledge gained in psychology could prepare you occupationally.