I agree with some of the prior posts that it all depends upon which branch of the arts you are interested in. The Boston University College of Fine Arts looks like a good one to me as they offer degrees in visual arts, theater, and music.
The College of Fine Arts has produced several good actors and actresses, both on stage and on television. Some of the more popular ones are Emily Deschanel (TV series Bones), Jason Alexander (TV series Seinfeld), Michael Chiklis (movie The Shield), Yunjin Kim (TV series Lost), Julianne Moore (actress), and Marisa Tomei (actress). It has also produced some notable performers in music across the country. Perhaps you've heard of Konstantinos Papadakis (concert pianist), Eugene Izotov (Chicago Symphony oboist), and Ted Atkatz (Chicago Symphony percussionist).
While I'm sure there are many other good schools across the nation, Boston University has the best of three worlds. Check out their website and see if it's a good fit for you.