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First, you can always google rankings and then discard results; you, as a critical thinker, know that the reliability/methodology/validity is often flawed.
Second, you can google how to compare engineering schools right here on CC. http://talk.collegeconfidential.com/engineering-majors/1567678-comparing-engineering-schools.html Again, applying those analytical skills to weed out posters’ egos, agendas, snark, etc., look for some recurring themes: ah, recruiting.
Look at the career fair opportunities in fall and spring. Here is PSU’s upcoming spring event, which is smaller than fall. http://studentaffairs.psu.edu/career/fairs/Spring/student/Default.shtml Go back and review which companies came in the fall. It was huge. Son needed a map and a plan. Probably the same for Rutgers.
Third, you can compare and contrast each College of Engineering websites http://www.engr.psu.edu/. Here’s a quick look at some PSU opportunities from its website (my bold). As an aside, I don’t think my son has ever attended.
Upcoming Events
Jan 27 2015 - Engineering Networking Reception
Jan 28 2015 - College of Engineering Alumni Networking Brunch and Engineering Career Fair
Feb 9 2015 - Spring Engineering Networking Reception
Feb 24 2015 - Engineering Trivia Night
Also look at what clubs/outside opportunities are available and try to determine if they are truly active. It may look interesting at first glance, but then you check Facebook and nothing has been posted for the past two years.
Fourth, review the career services and what services it provides.
All in all, when comparing well-known accredited schools you will usually find very minimal differences.
Caveat: The one thing that we’ve found is that the alumni network at Penn State is a unique, incredible and virtual machine. Son interviewed with a large chem corp for internship and two of the four interviewers held Penn State degrees. PSU Alumna mentor later shared further contacts for my son to network with at said corporation. Shared school, experiences, even professors, can be the nuanced factor that plays in your favor.
All this is not to say that Penn State is worth a significant amount of debt – as in your situation. You should be financially prudent. Remember, your work ethic affects/effects your success more than the name of the institution on your degree. Good luck with your decision and congratulations.