Son got into WPI, Northeastern, Commonwealth Honors Colleg at UMass Amherst, UMass-Lowell having this same conversation and $$ does matter a lot! WPI Northeastern will cost $140k, Amherst $80k, UMASS Lowell $0 plus with AP would be basically sophomore at start. HELP
if money matters a lot, pick the lowest cost program that is ABET acredited. Engineering is a flatter world than many outside it know. With ABET acreditation you take the same classes no matter where you go. There are elites like MIT and Caltech, but most schools fall into a broad middle group and employers view the grads as essentially equivalent. Engineering is not Wall Street where a pedigree works wonders. New hires from anywhere get the same starting salary. Hiring at many companies is dependent on convenience (eg. within a few hours drive from the employer).
To be honest more important than the name on the diploma is what the kid has done in college. Taking part in engineering projects in college where teams build something is a plus. Internships are a key; usually an auto job offer from the employer if the kid does ok since they know that kid better than someone off the street they interviewed for a few hours. A secret is to get a coop instead of an internship. It requires taking a semester off so there is much less demand for them which makes them easier to get; and they often pay what a starting engineer might make, so perhaps $30 or more per hour! Having a coop after sophomore year makes getting internships at a well-regarding company much easier because then you have a track record.
Keep in mind, though, that more than 1/2 of all starting as engineering change majors. So its worth thinking about where your son would like to be if he changes his mind.
^ Agreed
Also think about what can you comfortably afford (without loans/hardship)? Does your S have any preferences?