As a current undergraduate at Carnegie Mellon University, I should be able to give you some insight which you can relate to.
That said, it has been my experience that some companies believe that compensation is great in it of itself and others believe that they should pay you and keep you happy now so you will stick with them later.
A good example of this is an interview I once had where the interviewer kept pushing that "this is a paid internship, so it's very competitive". I sat there thinking that every company I've talked to is offering a paid internship. What's the big deal? Well, what set this company apart was its size. They were a 30 person company with a name in their field, but nothing special. Larger companies like Microsoft, IBM, Google, Oracle, AOL, etc. tend to offer significant compensation (>20/hr, or even >30 depending on class standing).
I've personally gotten offers from two of the above and accepted one of them this past summer. I felt as if I would be doing rewarding work for them which I could learn from. Luckily for me, it turned out I was right.
I implore you to keep in mind that the learning and experience gained is far more important that any monetary compensation gained (unless the money is necessary to maintain your enrollment and general wellbeing). With that in mind, I have been pursuing jobs from larger companies and interviewing with them. The interview is a two way channel where the company learns more about me and I them. If the results are satisfactory for both parties, then we move forward. To be explicit, use the interview as an opportunity to gauge how rewarding the job opportunity may be. That, combined with the monetary compensation should be the basis for your decision.
Good luck (and don't be greedy)!
