http://www.nber.org/papers/w18068
Technical paper, but here are the Key takeaways
Going to the two flagships gives you a definite premium in earnings compared to attending other state schools or community colleges in Texas
All races get a better bump in earnings from A&M than UT Austin, but Black and Hispanic Students are specially better off going to A&M because they get much better bumps in earnings from A&M vs UT when compared to other State schools (20% vs 3% for Blacks, 18% vs 3% for Hispanics, 22% vs 13% for Whites, 18% vs 14% for Asians)
If you are at the bottom 10% of Blacks or Hispanic students you are much better off at A&M than UT from an earnings perspective. You get a sizable salary boost at A&M vs attending other state schools compared to UT (40% vs 1% for Blacks, 20% vs -3% for Hispanics)
If you are in the top 10% of Blacks or Hispanic, you are better off attending a Community college vs any of the other state schools from an earnings perspective. In fact if you are in the top 1% and are Black, you will make 15% more if you attend a community college vs any other 4 year state school.
The last finding kind of blew me away!!!