Is paying 60K per year for top engineering schools a wise decision?

One thing to consider is: Is a $60k a year school something you can really afford? If you, and your child, say “Yes” to paying $60k a year, where is that money going to come from? Can you budget for it without making significant sacrifices? And, if you do, and your child takes an extra semester, or year even, to complete her studies (another. $30-60k), could you pay for that as well? If you have a younger child, will you be willing, and able, to give them the same support?

Our household income is enough that our EFC is Full Price but we aren’t wealthy enough to just write a check for $60k a year. I’ve run the numbers and, even with diligent saving, it just won’t be possible. At least, not without a level of debt my husband and I aren’t going to sign on for. Luckily, there are a number of excellent schools in the ~$40k net price range that should suit our children just fine.

^note that highly selective schools rarely have students who take more than 4 years to graduate. Once the student is in, they do everything in their power to make sure they do.
At this point, since the OP’s family has the money, it’s a matter of personal choices (prioritizing college over other things because of value attributed to that particular good/service.)