But having attended five different colleges for various lengths of time, I've seen first hand the difference between a good college and a bad college. Inasmuch as reputation reflects the reality of the quality of the education, I think that it is worthwhile to attend a school with a top tier reputation rather than one without.

And in fact, I'd gladly take on 50k (or even 100k) each in debt to send my daughters to top ranked schools rather than them accepting a free ride at some of the worse institutions I've been to. I think the added value is certainly worth it.