It really depends on your goals as an art student. If you strive to build a strong network of art world connections you might want to attend one of the top art schools-- and endure the cost of doing so. However, that is not to say that you can't establish connections at a smaller campus. With the Internet and sites like www.myartspace.com it is possible to establish some of these connections on your own-- the network you need is at your fingertips!
I'm not going to drop names, but I will say that I've known students at very respected art schools that have transferred to smaller schools in order to receive what they felt was a better education. I've also known students from smaller schools that have moved on to larger schools for the same reason. Thus, the value of education-- and what can be warranted from it -- is in the eye of the beholder. Keep that in mind.
Take care, Stay true,