<p>I would point out that if we're talking about business school, even mediocre performance at a no-name undergrad school may not matter much, if you can pick it up and have a stellar career.</p>
<p>For example, I know a guy who went to a no-name school and was so lazy and unmotivated there that he was basically forced out after a few years. Not knowing what else to do, he ended up joining the military, eventually entering the Special Forces, participating in numerous combat missions, including in Afghanistan. When he got discharged, he finished up his bachelor's degree. But his overall GPA was still pretty poor considering his low grades in his early college days. Also, he didn't get a very good GMAT score. Nevertheless, he was still admitted to a number of the top MBA programs in the country, including HBS and MITSloan. </p>
<p>Obviously, these schools weren't admitting him for his academic performance. They were admitting him for his proven military leadership experience. Makes complete sense too. Who would you rather have managing your business - some guy who's not strong academically but has proven that he knows how to lead people and get things done in life + death situations, or an academically brilliant guy who has no proven leadership qualities?</p>