I applied to three schools - one Ivy League, one widely renowned public school, one small (albeit well renowned) liberal arts college.
I was accepted to all three. Received varying scholarships to three out of the three. I chose the public school because (1) I got $$, (2) I was admitted into the scholars program and (3) I didn't know what I wanted to do and didn't want to pay $20 to 25K to figure it out (my family was not well-off and I was the first to attend college). I figured I'd just transfer when I decided. But my school was fine, I rocked it out, and got an well paying job, work with kids from the aforementioned Ivy...and while they have lots of debt, i do not.
In summary, inadvertently fucked myself over (in theory I reduced my chances of getting my current job by going to an "inferior" school) but still reaped the benefits (less debt/same quality job). I guess generally speaking, you want to maximize your chances of success post college. For that reason, I usually tell people to go to the best school that they can go to - regardless of the cost. Basically an example of "do as I say, not as I do"