Hi,
I don't know much aout Austin, but I have a few friends who went to Purdue and here is what I know:
+ Purdue is top notch in HR and operations (I believe because of the engineering program that gives it this reputation)
+ The school has a very good reputation in the Midwest (think location, and where you want to work)
+ The facilities are absolutely great
- West Lafayette, unless you are fascinated by corn, can quickly become boring
-+ Not a pure finance school, but two of my friends who went there are working for HSBC and ML, in corp finance
So here is my average Cereals' take. And do not base your choice on the rankings, they do not mean much and change all the time.
If Austin is your choice though, try to leverage Purdue's offer to get at least a scholarship...
Good Luck,
C