<p>Allow me to help with some "crossed bearings". My experience and my son's are appropos.</p>
<p>I graduated from Cornell, back when tuition was (are you sitting down?) $3700 per year. It seemed like a lot of money back then. Houses were approaching $50K!</p>
<p>Over my roller-coaster career, there have been times when the Ivy League name on the resume has impressed somebody. This is after adding LOTS of other things, including two masters degrees and other coursework to my resume. (I believe in lifetime learning.) For a some people--not many, but some who are very important--the prestigious diploma has made a difference. I have had that experience in the past few months, in fact. </p>
<p>My oldest son is in engineering at the University of Virginia. (Graduation rate: 92%!) He was rejected by Cornell, but admitted to an equally selective and expensive university, Northwestern. (I know, I can't figure it out either.) He chose UVa, of course, because it's less than half the tuition. </p>
<p>He is having the time of his life--in both engineering and other academic pursuits. His peers are serious students, and his courses are challenging. A state university was not a mistake for us. (To be sure, UVa is not your typical state U, so your mileage may vary.)</p>
<p>There are no facts to cite, to answer the OP's original question, that would favor a big-name, big-dollar education. There are some 'fuzzy logic' things that might be a consideration:</p>
<ul>
<li><p>I believe these big research universities put more emphasis on the theory behind their engineering. Almost subliminally, they are preparing their students for an academic role. </p></li>
<li><p>Grades are harder to come by at some heavy-duty schools. Cornell averaged its courses to a C+ when I went there. My GPA doesn't look very good when compared with others--but I beat the average!</p></li>
<li><p>There is a flip side to the above bullet. When you've completed a tough academic program, it instills a feeling of confidence. This is helpful going forward. I don't think life tossed me any challenges that were as intimidating or relentless as my four years at Cornell.</p></li>
<li><p>In my memory, everybody at Cornell was smarter than I. This made friendships more valuable, as it helped me through some horrendous problem sets. More importantly, it taught me real humility. A man's gotta know his limitations.</p></li>
</ul>
<p>Do these intangible, 'experiential' factors outweigh the disadvantage of a mountain of debt? I think the question answers itself. Go for the free ride, make the most of it, and don't look back. </p>
<p>But, be sure you understand that others have made sacrificies to go to Cornell (and other expensive places), and that their decisions may be right for reasons that are not obvious or applicable to you.</p>