You definitely will never ever pass by on life on a school's name. That is a fantasy, and I've never met a hiring manager who gives a shit where their employees come from. They care about whether they are suited to perform within the company. Going to an elite school helps one to develop good contacts, and that is its primary advantage (and a great one). One can go to a no name school and learn an equal amount to anywhere else. It is wholly dependent on the effort the student wants to put in.
I agree entirely. It's tough that the insistence that to school you go to matters is so prevalent. I still haven't heard the end of being berated over not going to a California school when the level of education is so low. I'd have loved to go to a prestigious college for the connections, but that honestly became such a low priority so early on when you start seeing the grand scheme of things.