I mentor a number of high school students who go on to major in physics, chemistry, or engineering in college. When they ask my advice for picking a college, I advise that they concern themselves with a few things:
1. Academic rigor in their discipline and in the essential prerequisites for their discipline.
The required math courses are an essential prerequisite for physics, and the required physics courses are the essential prerequisites for engineering. Academic rigor can be challenging for a high school senior or early undergraduate to assess, so I often volunteer to step in and help them with that. One thing I look at is the courses required to complete a given major. A rigorous physics major should include 1. Three semesters of Calculus 2. Two semesters of introductory physics (freshman physics) 3. One semester each of modern physics and mathematical physics 4. One semester of classical mechanics beyond freshman physics 5. Two semesters of E&M beyond freshman physics. 6. Two semesters of quantum mechanics beyond modern physics 7. One semester each of stat mech and an advanced lab course 8. One semester each of differential equations and linear algebra 9. One semester each of programming and numerical analysis 10. A semester or two of advanced physics electives. While not a strict requirement to check all of these boxes, the more of these requirements that are unmet, the more concerned I become about the rigor of the program.
Another thing I look for is the percentage of graduating seniors who take the Physics GRE and what their average scores are over the course of several years. This information can be a bit tricky to get, so it takes some digging, and some intentional requests. A related question is how many program graduates are going to graduate school, and where are they going. If there are not many (or any) students going to the same tier of graduate school to which a student is likely to aspire, the program likely lacks the required level of academic rigor. Another related question is how many prestigious graduate fellowships their graduates have won over the years. A good program should have a few NSF fellows, Rhodes Scholars, Fulbright fellows, Hertz fellows, Marshall scholars, or NASA fellows over the years. A school that is batting 0.000 in all these over the past decade is likely lacking in academic rigor.
I also look at the schools national ranking from various sources (US News, etc.) Rankings are imperfect metrics, but together with other considerations, they can be useful. A school ranked below 100 or so in physics is not a good choice if one aspires to a top 10 graduate school. Rankings do tend to be a better indicator of reputation than actual educational quality, but it's that reputation a graduate will need when applying for employment or graduate schools.
I'll also talk to a few likely employers of graduates in the area where the school is located. What are their experiences in hiring students from a given school, and what is their opinion of the academic rigor at the school?
Finally, I'll have a look at the student feedback about a given school, either directly or through online commentary. But I'm not looking for comments that the teaching was great, but rather that the required courses were hard. Undergrads often confuse easy courses with good teaching, so if students don't seem to be facing some significant academic challenges, I begin to seriously doubt the academic rigor of a school.
2. Research opportunities for undergraduates
Research opportunities are not a substitute for academic rigor in the classroom. One can get an official version of a program's opportunities by visiting their website and emailing the undergraduate coordinator. But the availability of these opportunities often gets exaggerated to attract undergraduates. I like to drill a little deeper by visiting the faculty pages of all the faculty and looking at the list of authors from their recent publications. A bit of sleuthing can determine which co-authors on their papers were undergraduates when the research was performed, and a bunch of undergraduate co-authors (relative to the number of undergrads in the major) is the most compelling evidence of undergraduate research opportunities.
3. Enough faculty in enough disciplines
If most of the faculty are astronomers and astrophysicists, a student is likely to be underserved if their interests lie elsewhere. Likewise, if most of the faculty are string theorists. I like to see a good mix of disciplines, and also a good mix of theorists and experimentalists. Now, there is nothing wrong with a small department (5-10 faculty members), but they had better be spread out in their areas of specialty. Since undergraduate research opportunities are more common with experimentalists than theorists, if a department is small, I prefer at least half be experimentalists with active research programs. Funding is less important than an active track record of recent publications.
4. The quality of the faculty
It's easy to visit the web pages and assess the quality of the PhD programs their faculty graduated from. Schools where most faculty graduated from top 50 programs are more promising than schools where very few faculty come from the better schools. I also drill down into the research records (publications) of the faculty. Google scholar makes it quick work to track most scientist's publications, as well as how many citations their work has. A school with quality research faculty should probably have a range of research records represented. But most of the Associate and Full Professors should probably have a publication and citation record at least comparable (if not exceeding) mine:
https://scholar.google.com/citations?user=UO461IMAAAAJ&hl=en