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BU...not even close. Terrific school in a great city. If you grew up in Massachusetts, you'll think that Illinois is the sticks.
What do you hope to major in? That's going to make a big difference in my answer. For example, engineering? Go to U of I. Theater? BU. In general, it's a bit less clear. On the rankings tables, U of I outranks BU. Illinois is, for example, #38 on the US News tables, and BU is #57. But strange thing is that, in general, BU is one of those schools that people see on a resume and go "Ooh!", and U of washington is not, except in certain fields. I don't know if it's because Illinois is public or what. Because in reality, Illinois is a higher ranked school on most of the tables that I look at, but in general conversation, to most people, BU has a stronger reputation. So it's not a clear cut choice. Instead of me being able to tell you which is better, I have to instead turn it around and ask you: Which do you think fits you better? Which do you like better? Which has a stronger program in the majors you're interested in? And yes, the finances, of course must be a factor.