Check out this vid of Malcom Gladwell, it's very interesting. He argues you shouldn't go to the best school you can get into and how institutions should pay more attention to class rank than schools attended. He basically says elite schools are screwing us all up...Elite Institution Cognitive Disorder. The stats and examples he throws out about who graduates with STEM(Science, Tech, Engineering and Math) degrees are mind blowing.
He made a similar argument on 60 Mins and added the cost factor into it. Basically he says he'd send his child to Toronto instead of Harvard. More or less, go and be a big fish and dominate at a lesser university and have way less debt.