I think another issue is that this discussion should be split between STEM (esp engineering) and non-STEM kids. It is an axiom that prestige of school matters less in STEM and that good grades at a solid, cheaper state school can get you the same places as an expensive private/OOS. I don’t know that this holds true anywhere close to the same degree for social sciences and humanities majors, however, or for those who want to attend a prestigious professional graduate school. Where you go to school likely matters more for a finance major or a Classics major or an Economics major. I am NOT saying it is determinative, just that I think it matters more than it does to an engineer or computer science major.