Importance of MBA Reputation?

I'd like to start my MBA in the fall. Right now I've been accepted to Vanderbilt, U. of Maryland, and Auburn; still waiting to hear from U. of Georgia. Auburn's program seems pretty weak to me (and their average starting salary is lower than my current salary of $55K), but I received an assistantship for full tuition and stipend. Vandy and Maryland, while better schools, would run me about $100K. So, how important is a school's ranking/reputation. Is it worth the extra cost to go to a better school?

An old joke is that in the first semester of your MBA program, they teach you why it's a bad investment to get an MBA. You calculate the net present value of your future earnings and compare it to how much you're paying for the degree, plus income lost from taking off two years from work. Of course, this doesn't factor in prestige or job satisfaction.
In my opinion, the education that you get from school is not that challenging or special. The most important thing you gain is the communication of collective business experience and the friendships and business contacts you make while you're in the program. The higher the caliber of the school, the better the quality of your network will be after you graduate.

JustinAU… Depending on the career path you want to go down it could be a significant benefit. If a high level management in a medium to large company position is your goal, then I’d highly recommend it.

Your credentials will be a critical factor in promotion to top management. Although “domingo3” is correct, experience should be a priority.

Although I find it unlikely that the school will make a huge difference in unless there is a high degree of variation between the two.

Best of luck with your decision!