I can only speak for the what I’ve seen with Engineering. First, I’ll give you some background. I went to Middle-of-Nowhere State U because I got a full ride scholarship and was from Little Tinier Podunk, which meant that as Valedictorian (4.0) with a 31 ACT and 1350 SAT, I couldn’t get accepted anywhere else. I got a lot of rejections and only a few letters that allowed me to go to school if someone else decided not to, for full price. (Note, my parents swore never to pay a dollar to my college education.) So I went to the free college and I got my degree in Chemical Engineering with a GPA of 3.397. I then went on to grad school with a full ride scholarship and kept a minimum 3.5 through grad school. When searching for a job in the middle of the economic downturn, it took me three months to find a job, for 60K a year, starting salary. After three years, I was pulling in 6 figures, and was working with my team to find other candidates in Chemical Engineering.
We actually looked down at people who came from high dollar schools, because they tended not to mix well in our team. We hired one guy who had the fancy credentials and his attitude and lackadaisical attitude made him one of the most disliked members of our team. We hired lots of people from Little-Tiny-University and they tended to be more humble and harder working. The things we cared about were, if there was no experience, GPA and interview readiness. Otherwise, if there was more than 5 years experience, we looked only at previous employment and not colleges attended. There was a belief in my company that the fancy schools weren’t worth a plugged nickel. Unlike a previous poster, we felt that most small universities had hard workers and the big names were for parties. This may have changed in the four years since I left the workforce, but we simply thought that high dollar schools were worthless and only good for lazy snobs.
If you are targeting a degree that focuses on networking, there may be a point to the high dollar school outside of simply pride, but my experience dictates that for the STEM stuff, unless you want to work for Google, Facebook, etc, stick with the small (accredited) schools that don’t cost a fortune. You’ll get more bang for your buck and not have the debt.