Another big thing is that the student has a lot of control over the quality of their education. I know a few people who went to elite schools, but completely floundered, along with ones who have maximized the opportunity. I know people who have gone to state flagships (or other public schools) and received incredible educations and job offers. I know people who have gone to 2nd-tier (AKA not quite elite private) schools that have also gotten fantastic educations. I also know people who floundered at those schools.
It’s not about going somewhere that has the most prestige at face value. It’s about finding a school that’s affordable and a good fit, and has resources that you’ll actually use.