On the other hand, I've heard the farther you get from your alma mater, the better. If you're staying in SoCal, or even on the WC, it's better to have a degree from a university that not everyone has graduated from. I'm having the same debate right now: I live in Seattle and it's between UW (no scholarship $, 11k/year) or SIPA at Columbia (20k fellowship, $42k tuition). I know I'm ending up on the West Coast so I think the "zing" of Columbia's name will prove more beneficial than the cheap tuition and connections at UW. A school like NYU also has connections throughout the country, as well as internationally--you should talk to them personally about their network on the WC.
Plus, you really have limited opportunities to live in NY....the city that never sleeps