I'm coming at this from the view of a parent. You're right. IU is a wonderful school and a great experience. Having said that though, for someone majoring in English I don't think it's worth the extra $12,000-15,0000 a year if you have another good, less expensive option. English is one of those areas that most colleges are good at teaching, and one can receive a fine education in many places.
Regarding the ratings though I noticed a few things. Minn went up about 10 spots this year while IU remained steady. Jumping 10 spots is unusual, and personally I find it hard to believe that a university the size of Minn could have improved so much in a single year. It's just one more reason why I don't put a lot of value in the ratings. Last year the difference between the IU and Minn rankings was a single point. Just my opinion, but the differences between schools a point apart are not significant. Again, my opinion, but I don't think the differences between the schools ranked from 60 or so down to 80 or so are great. As someone on this forum, Calcruzer I think, has mentioned in the past, IU takes a hit in the rankings because it does not offer engineering. (We leave that up to the school farther north.)