Go big if "big" is really big (top-10, or ideally top-3, in their category). Go cheap otherwise.
Most of the advantage to an elite college accrues to the very top - Harvard, Stanford, MIT. If your choice is between, say, NYU or Hampshire or BU and a state school with in-state tuition, the state school is probably a better value. If your choice is between, say, Stanford or Amherst or MIT and a state school, going to the big name school can result in earnings that pay off the cost of it within 5 years.
Also, many of the top-tier colleges give very generous financial aid to middle-class families, so you may find it's not all that much more expensive than a state school. My actual tuition at Amherst College was less than sticker price at UMass Amherst, though of course I would've gotten a full-ride on merit scholarships at UMass.
Most of the advantage to an elite college accrues to the very top - Harvard, Stanford, MIT. If your choice is between, say, NYU or Hampshire or BU and a state school with in-state tuition, the state school is probably a better value. If your choice is between, say, Stanford or Amherst or MIT and a state school, going to the big name school can result in earnings that pay off the cost of it within 5 years.
Also, many of the top-tier colleges give very generous financial aid to middle-class families, so you may find it's not all that much more expensive than a state school. My actual tuition at Amherst College was less than sticker price at UMass Amherst, though of course I would've gotten a full-ride on merit scholarships at UMass.