What type of engineering is your son interested in? Some schools have great mechanical engineering departments (for example) but not so good electrical engineering departments.
Getting a degree from a well respected school pays dividends throughout a person's career. For example, having an MBA from Harvard is worth a lot more than having an MBA from some unknown university, and will open doors that would otherwise be closed.
Having an engineering degree from MIT is worth a whole lot more than an engineering degree from LSU (mine is from LSU). It's not just that you get a better education, but you go to school with (and befriend) people who will become leaders in the field. Having a friend who's the VP of engineering of some company helps you get a job there. And if that doesn't work out, that person will recommend you to his/her friend who's running the engineering dept at another company.
The people who go to the best schools really do wind up as leaders in the future. Not all of them, and you often don't know who they are in school, but on a percentage basis, there's more leaders in engineering who went to MIT, or Stanford, or Princeton, or some other good school, then who went to DeVry or ITT Institute.
Go into the world and do well. But more importantly, go into the world and do good.