I wish they would get actual HR people into high schools and give the kids some honest to goodness knowledge of how the real world works. Academia for the most part is not the real world. I mean it's a fantastic experience to get a college degree. However, it's prudent for students to not set their finances back 20 years just to do it. There needs to be a better job done to finance schools for the average student or make available more vocational training to help a student get a leg up in the early years of their careers.
Ask any HR person worth their salt and it's just like Tommy said, "the prestigious schools get you in the door initially." However once you're a few years into your career the quality of your school takes a back seat to the quality of your work experience and core talents. Of course there are always going to be bastions of the powerhouse schools that will only allow entry to a certain privileged few, but there aren't enough to make student debts of $200,000 palatable.