I also sat down when considering colleges and looked at my choices. Due to income levels, Ivy Leagues were out for me, as was any private school. That left state schools. In-state tuition is cheaper than out of state, so that left local state schools. I wanted something bigger and better than a small community college or tech school, so that left the Research I and II schools.
I narrowed it down to four state universities, and was accepted to them all. In the end, I went for the slightly more expensive Big State U because I could move away from home (loved my parents but I was being suffocated) and because the brand name on the school would look good on my resume as long as I stayed in the same state. (Huge alumni network here.)
The ROI on whole schools and on individual majors should absolutely be a point of discussion with high school seniors, and parents need to be frank about it. But it isn't the state schools that are the cause of the student loan crisis, it's the for-profit schools that prey on those who CAN'T get accepted to the state schools.