I do think that having a big name on your diploma improves hireability (depending on what you intend to do), but I suspect, on average, that the improvement is substantially less than a hundred percent. And given that we're discussing a question of free for a smaller school, or potentially-hundreds-of-thousands-of-dollars for a big school, it's a very expensive less-than-an-order-of-magnitude improvement.
Now, the above is a little misleading. Even a full-ride scholarship, school costs money in terms of lost time and opportunity. That said, most people fresh into the job market can't expect to make as much as it costs to go to school at a big name school like MIT, so time is not the majority of the cost here either way.
I'd also point out that majoring in something sensible and putting yourself out to recruiters improves your odds no matter what school you go to, and reduces the margin between expensive and cheap schools.
Since this fall I will be applying to college in the USA, I have compiled a hefty list of colleges based on the following criteria:
-4-year school;
-co-ed or all men;
-Biology major;
-"full-ride" financial aid available.
The problem's that I have quite a lot of choices, hundreds, as a matter of fact. So how should I narrow down my list even further, given that I don't care about other stuff, such as campus size or location?
Moreover, to how many colleges should I apply? As far as I know, mpst people apply to 6-9 colleges, but some even apply to 20! I guess that by applying to as many colleges possible, my chances of admission go up. But, I probably won't have time to write hundreds of admission essays, or the money to send in my application to all these colleges.
Lastly, as my objective is to gain admission somewhere, should I only apply to colleges with acceptance rates above a certain percentage? What should that percentage be?
If anyone would like to take this in private, I'd be more than happy to receive some advice from any member of the community!