Where do you want to live and work? You'll want to do clerkships/internships in that area, and you'll have better opportunities with a local school. Also really think about where you want to spend the next three years, NY and Atlanta are very different places. If you want to live and practice in the southeast Emory is a great opportunity. I've spent some time in GA, NC, and FL, and Emory has a very strong regional reputation. In fact, I'd say after Duke and UNC it's the most respected school in the area.
If you want to eventually live in NY, I'm not sure if Emory has the kind of national reputation that will open doors based on pedigree alone. That doesn't mean you won't be able to get internships and a job, but you may have to hustle to make it happen. I really don't know much about the east coast market so take everything I say with a grain a of salt. Just keep in mind that as an out-of-towner (especially if you're not top 10%, law review, etc) it is more difficult to compete with local grads who have spent the last few years clerking and making connections. In other words, a Hofstra grad with connections might be in a better position than an Emory grad without connections. Also consider the fact that the importance of your law school pedigree will diminish over time, and your resume will become the dominant factor.
I usually advise people to take the $$$ and minimize debt. Here, I'm not sure. Emory is a pretty darn good school. Not elite, but very good.
Ask yourself this: what are my goals after law school? Biglaw, government, solo practice? Realistically, what do I want to accomplish? Think about how each school (and its price tag) will help or hinder your goals. Rankings are something to consider in this case, but don't obsess over them.