This is a tricky choice. I think deep inside, you know the answer because the choice is deeply personal.

I faced a similar situation years ago. Go into debt with a much higher ranked school or exit debt free from a lower ranked state school. I chose the latter, because deep inside I liked the idea of being debt free. I didn't regret it.

I went to grad school at a higher ranked school with financial aid.

Here are my notes:

- Opportunities in research, and employment are better at higher ranked schools. So going to a better school gives you an edge initially.

- You will have motivated students in all the schools. It's your choice to build your circle.

- I did find the quality of instruction better in my grad school, but it highly depends on the course/Prof. you take.

- the location of the school does matter as well in terms of opportunity and cost of living.

I think some criteria you can think about:

- long term potential of yourself

- would you regret not taking MIT

- how much debt can you endure, would it affect you?

One piece of advice (take or leave). Whatever choice you make, make it a point to not regret it in the future.

Good luck!!