GPA? what's that? Most schools I know of have some form of pass/fail system.
now what matters for getting into residencies:
1) LORs. and more specifically, who do you know? Wherever you go, there is probably someone known in the field or someone whose opinion is respected. Doesnt' matter til 3rd and 4th year. But figure out who you need to know. Don't kiss up or anything. Just see if you can do an elective or something w/ the guy so you can get a good letter from them.
2) Board scores
3) The reputation of ur school in the field for the specific region ur applying to for residencies. This has little to do w/ USMLE scores. SUNY Downstate and Einstein are both looked on really well for EM program at a hospital I worked at. Take a look at the US News scores. Pretty far apart. If you get good exposure at your school, then that's good.
4) Did u go to JHU or Harvard? automatic points sometimes, lol. Oh, what's that u say, u went to the 3rd highest ranked school, well, they don't care then =p.
So do u select based on the prestige of ur program (different programs weight things differently, BTW)? Let's see:
1) well, u won't know this as an applicant, and it prolly isn't something u'd figure out looking at ranks.
2) this is entirely in ur control and not dependent on ranks
3) ah, here we go ranks. But sorry, not US News dependant. It's more dependant on local rep of ur school in the specific field. Won't know w/o talking to residency directors at hospitals.
4). Ok, now this is US News & World ranks (but I'd think JHU is ahead of Harvard).
So should u factor in school's rankings to ur decision making process? only if u get into JHU or Harvard. My advice, though, go wherever you'd be happiest. And then u'll learn the best.