Not really a big deal to me - if it's just a name change and an ability to grant full degrees, I'll still go to U of C. When push comes to shove, name value and credibility makes a difference when it comes to putting your alma mater on a resume, and in the Western Canadian business or engineering world, U of C is a no-brainer. That's just my experience applying for jobs and doing hiring myself. I'm sure MRC (er, MRU) will produce good talent, but all things being equal, I'll take the U of C grad.
Keep in mind that your undergraduate programs are only limited in scope; it's all about the graduate programs that really counts when it comes to choosing a university. Med school, architecture school, Law school, etc.
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