I would love another oppinion on this: Is UMN/Guthrie clearly a better acting program than SMU?
My opinion (formed by knowing dozens of professional actors) is that it doesn’t matter. At the professional level, acting comes down to charisma, inborn talent, and luck (how you look, etc.) Many of the most successful actors I know (including some TV and Hollywood stars) never went to college at all, or went and majored in something completely different. So my advice is to choose the college that you want to go to, the one where you think you will be most happy. Do not choose based on ranking of program.
And do not take on any debt to go.
My advice, major in something marketable. The vast majority of actors don’t make it, and right now Hollywood is in a historic slump. This way you have a way to support yourself as you work on trying to establish yourself in acting.