I graduated from a prestige STEM college. The experience of attending such a school and the in-school opportunities are what matters the most about such schools. I was able to work, as part of a group, on a NASA research contract as an undergrad. Great experience.
Where the prestige comes into play the most is when looking for a job. However, it isn’t the top factor. I was an engineering manager and the factors that come into play in order were for me:
- "Plays well with others". Engineering is a team effort and being able to function as part of a team is critical.
- GPA. The higher the better to a great extent but doors quickly close if it is less than 3.0, no matter what the school is.
- Prestige. You are always more comfortable hiring someone from a school that you know the name of and it has a good reputation.
Once you have the job, prestige means very little. It is how well you perform your job that counts.