I am days from graduating from a ranked private school and I am looking at around 100K worth of debt. So this issue has been floating around in my head.
Also, my brother is a senior in college right now and is just about wrapping up the whole interview process.
I advised him to pick his med school based on 2 criteria. First, go where you will be happiest. It's no use picking a cheaper school if you are gonna be miserable ther for four years. But, the second criteria is cost. Frankly I advised him to go to cheaper schools over more expensive ranked ones.
The cost is just ridiculous to attend a private med school right now. If you consider that the average tuition is around 30-35K, and living expenses + books etc is easily 15K, that's 50K+ per year. Times 4 years that's 200K. I had the luxury of having my parents pick up some of the cost, and I had no undergrad debt so I was able to do it with only 100K of borrowing.
Right now my brother is holding an acceptance to very good state school which will be relatively cheaper than my school by a lot. He is also on the waitlist for Harvard, Duke, and Yale. I think that if he gets accepted to Harvard, Yale, or Duke then it is worth the extra money just for the prestige. However, he did withdraw from a few waitlists at mid-ranked private schools that he felt just weren't worth the extra cash. I, of course, agree with him. There is no good reason to go to a school ranked 25 just because it's "ranked". Unless of course you really love it, and feel strongly that you would be very happy there.
For me, I am going to graduate from a well-known, upper mid-ranked, private school with as I stated 100K of debt. If I had attended one of my state schools I would have had far less debt (could have lived in a house that my parents own and rent to med students lol), and probably would have done just as well in the match. I also would have been pretty happy there since some of my good friends from undergrad went there (and lived in the aforementioned parents' house lol). I do think that I would have received the same education, and would have been just as qualified as I am now even though the school I go to is ranked higher. In the end there were some compelling personal reasons to go to the medical school where I am now. In retrospect I am not sure that I made the correct choice. If I had it to do over again I would have probably picked the state school option... It would have been cheaper, I would have been closer to my friends from childhood/HS/college, and I would have been able to go home and have home cooking whenever I wanted to. Plus, the weather would have been a hell of a lot nicer... It sucks having no tan, being pasty white most of the time, and having to listen to people root for sports teams that are your arch rivals!
Good luck choosing!