All the above answers are correct of course (I always feel weird jumping in with physicians, premed advisors as an M1 here but here goes). Something Americans often forget to think about is the crushing student debt that can come with going to top schools. I know an FM resident who is over $600,000 in the hole from college and then med school, both fancy places.
Also, my classmates who went to ivies seem a lot more familiar with research etc than I am. I didn't have very many opportunities for doing meaningful research at my rinky dinky state undergrad. But I could pay my way through college! no way that was happening at a Vanderbilt or Harvard or etc.
At this stage it's hard to know what you want for a career- if you see yourself as a surgeon it isn't as much of an issue. If you're a bleeding heart primary care person like me, whatever you will gain at that top institution (for either college or medical school) is almost certainly not worth what you will borrow to get it.
But if you have the GI bill, or if you get a 95% scholarship to Harvard, by all means go for it! Or If you want to fork over the extra cash go ahead. Just please don't be like some doctors/med students who don't think about loans at all and then borrow over $400 grand to do peds.
Hey there Fluidity were loans a big part of your decision? Just curious. I was in a similar situation med school wise, and finances were a decent part of my decision.