Congratulations Mihir!
It seemed an easy question as i read the first 2 lines. Then it got complicated. I think this is a somewhat old story with new actors- Opportunity vs. Safety. You will find safety in Kelley with higher rankings and lower cost vs. potential opportunity to get a better job at Jones...
A few things to consider:
1. There are new rankings coming in a week or so (US News has provided some sneak peak) and we may see Jones go up. The program has made a lot of strides to improve in the last 10 years
https://gmatclub.com/forum/mba-rankings ... ml#p770991 - you will notice it went from #40 to #25. It did very well esp during the recession. Currently at #29 US news, while Kelley has been a solid 20-22 band in comparison and if the data you are referring to (job reports) is accurate, the rankings will likely ding Kelley for that. The two programs may be close-ish.
2. Oil and gas industry has been doing bad for the last 5 years with the oil price as low as it is.
Chevron's stock is down 1% since 2013 - some may say it is a pretty bleak picture and others may suggest that by 2020 it has to recover and get back on track - you probably know better.
3. Most of your finaid in Kelley comes from GA. You have approached Jones about GA? There is a chance you may get a campus job or better a paid internship that goes during the second year to off-set your costs. This is something you could not easily do in Kelley being located in the boonies.
P.S. love the reference to the Indian students and the challenge it creates with potential employment seeking.