Honestly as someone who is <10 years removed from this game, the thing I've realized is that once you reach a certain threshold of school "quality", all that really matters is how well you do when you're there. Sure, a 3.0 at MIT is perceived much more favorably than the same at UConn, but by and large you control your own fate. Now, that first job out of school might not be "elite", like Goldman or Mckinsey by nature of them only hiring from a select few schools, but 1) if you aren't a status-seeking tool you can totally find quality jobs if you did well in college (in the right major

and 2) if you did well in undergrad you can then get into these prestigious places for grad school and just saved a bunch of money and stress.