I did my Undergrad and Master's at BGSU (there's an S there, by the way), so hopefully I can be of some assistance.
Psychology was one of my majors as an undergrad, but I wasn't in I/O. Despite that, I will say that everything I have heard about it, and everyone I know who was, had great things to say about it. I'm not positive, but I think it is ranked OK. As for the Bowling Green itself, it is quite cheap and quite safe. It is a pretty small town and there isn't a whole lot to do there, but there is a fair amount of things within driving distance.
Hope that helps.