Seriously, visit all three schools after you have all your merit offers in hand and try to make a choice based on where you’re most likely to get a quality (ergo rigorous) education for the best price–something a future econ major should revel in deciding. 
Debt is a very serious thing to take on. It can absolutely be worth it, if it’s a reasonable amount, but don’t do it solely for “prestige,” especially when we’re talking about the difference between Case and Michigan State. Beloit is a great school, too, and if you’re affected by your peers as much as you say, it may be an ideal environment for you.