What makes a top-ranked institution better than a "second-tier" school? The kind of applicant who would do well in the former will certainly do well in the latter.
The top-ranked institutions and "second-tier" schools charge about the same tuition but often have more generous financial aid so it can be cheaper to attend. Even if the sticker price would be the same for you, value of your degree is partially based on the reputation of the school so the top-ranked institution's degree is worth more.
Even if they will do as well in either and achieve the same learning outcomes, having a top-ranked school on your resume has value as a signal. And the alumni network has value as well.
I agree, but you would graduate with a better network, better branding, and possibly better skills from the top tier school, all of which have very real impact on the job market.
the 'crossover point' is different for everyone. e.g., would you rather be a 60th percentile student at a top-tier, or 90th percentile at a second-tier? (for some fuzzy, ill-defined definition of 'percentile') everyone needs to decide for themselves. as one oversimplified caricature, maybe it's still really hard to get an interview at your top-choice company even if you're 90th percentile at a second-tier school, but even the slackers who barely crawled to graduation at a top-tier school gets that same job interview.
