Does undergrad school matter?

I currently have a 4.0 from a top 50 university and I have the opportunity to go to a much more academically rigorous school (UNC,UVA, NYU). I’m worried if I go to one of those schools my GPA will fall and it’ll hurt my chances of getting into a top MBA program like Wharton, Booth, Harvard ect. So what should I do? Say at my current school (Pepperdine) and be ensured that my grades will likely stay about the same, or transfer to a better school and risk my grades going down but getting a far better education?

Any GPA of 3.75+ is a wash. IF you think you can maintain 3.75+ at UNC/UVA/NYU, and IF you can afford to go there, there’s no downside that I can see. However, be aware that activities (evidence of leadership) will be more important than the difference between an A and A-, leading to internships, leading to good jobs, and getting into an MBA program will depend on that good job and what you did there.

Yes it does matter. MBA admissions are based on your work experience (meaning their looking for you to apply from top firms and banks). In order to have the best chance at a prestigious company, you should ideally be at a top school where they actively recruit. Also , you need at least 2 years of work experience to apply to one of these elite MBA business schools, as well as a good GPA and GMAT (but these two matter much less if you came out say, Goldmans Sachs).