UC Berkeley EECS instate >> other T1 engineering schools for upper middle class families
i know of someone who was accepted into UC Berkeley EECS (5% acceptance rate) and MIT (also 5% acceptance rate). he was upper middle class and instate, so MIT was 400K for all four years while Berkeley was 200K. he ended up picking Berkeley EECS.
his reasoning was very valid. he picked Berkeley not only due to cost, but also because EECS students aren't at a disadvantage within Berkeley. EECS is one of the most coveted majors at Berkeley and is one of the majors the school is globally known for. being declared EECS there automatically comes with a lot of benefits like reserved class seats and dedicated career fairs, which solve the traditional caveats of a public school.
based on pure ranking, both EECS programs constantly shift within the top 3 and are tied some years. both Berkeley and MIT have no shortage of amazing professors within the field and a lot of them are alma maters from the other (ie Cal graduates as MIT professors and vice versa). furthermore, for in-state students, EECS at Berkeley has among the highest ROI of any university globally, and would be significantly more than if that same in-state student chose MIT, Stanford, CMU, etc at a higher tuition.
I would honestly apply this same logic to any other T1 school within your major. if you've made it within that tier, there is no reason to pick one that costs more and is more of a financial strain. if you receive aid at any of the schools within the same tier for your major, by all means pick the one that is the most cost effective because they are in the same tier for a reason: the actual academic differences, connections, and network amongst them is marginal. even if your college degree is externally funded by your parents, I think being financially smart and aware is an extremely valuable and conscious skill that will carry forward throughout the rest of your life.
personally, as a senior this year, I was choosing between Berkeley EECS instate and CMU for ECE, and I ended up picking Berkeley due to cost and Silicon Valley connections. I didn't get into MIT, but I think it worked out for the better because I know I would've blindly picked MIT if I did get in, which may not have been the smartest decision financially for my family as I'm not sure if it truly would have given me that much benefit in the long run.
I just wanted to share these thoughts for any other seniors struggling because they did not pick "the more prestigious option".