From talking with engineers in the field, IIT isn't as respected as it used to be. When they saw both IIT (there for a year - biggest mistake of my life) and UIC on my resume and that I graduated from UIC, they said I made a good choice in leaving IIT and going to UIC. They said the education isn't what it used to be because the professors are too worried about tenure and not worried enough about teaching (which is why I left).
When I graduated in the fall of 2000, the tuition, per year, for an engineer was $5500. It was getting raised the following year and I hear there is another hike on the horizon.