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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.