Probably the biggest benefit of a more-established school would be contacts within the industry. Alumni, industry, coop/internship opportunities, etc. They are PRICELESS. I have interviewed multiple times for internships and have already gotten jobs from my contacts...and I havent even graduated yet!
Experience in transport category aircraft is another big benefit. Four semesters of 727 simulator (soon to be 737NG if the stupid thing ever get delivered) and ground school makes flying jet-powered aircraft a snap. I got to fly a King Air for free as part of our curriculum and was one of 10 students selected to fly the University's Beechjet. They sent me to FlightSafety for an SIC endorsement that is good for one full year, and didn't cost me a dime. That training and subsequent experience flying as a required crewmember in a university airplane is priceless, as are the looks on other pilots faces when we pull into an FBO somewhere and they ask "How old are you, and how the hell are you flying that thing?"
Airplanes are relatively brand new, and maintenance is top-notch. Nothing gets deferred, everything gets fixed. Fleets are standardized. Faculty are widely known and well respected, and have been in the industry for a long time. GREAT teachers, not just professors. Ability to be qualifed for an ATC or Dispatcher job through academic classes, and the flexibility of a major public state college.
I'm not trying to brag, but these are some of the things that steered me toward Purdue. You can get some of these things at any other established aviation school, but probably not the whole. I have friends and acquaintences in all the programs I've previously mentioned, and all are good options if you could go that route.
With your KEES money, I might suggest going to UK or another state school and major in business or some other degree with which you can obtain gainful employment if you don't end up flying for a living. You can always get your ratings on the side, or do a summer accelerated program like at ATP. I might also suggest Aero-Tech in Lexington for a good accelerated program that will lead to a CFI job, if you want to stay close. I instructed there for two summers, and its a pretty good gig, especially while you are in school.
For what 4 years at Purdue will cost me out-of-state, I could have done a 4 year undergrad at UK in management, 2 year MBA, done the complete accelerated course at Aero-Tech, flown 100 hours in their Twin Commanche at full rate AND gotten both a 737 and Citation type rating. I could have done most my flying my first year of college, spent the next 3 as a CFI building experience, and still had money left over for beer and a new car. Kind of puts stuff in perspective, doesn't it? I wouldn't trade my decision for anything, but there are LOTS of ways to go. Pick what is best for you, given your situation. Best of luck to ya...