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I read an interesting article a few years ago that explored the link between the college one attends and future earnings prospects. It cited research that had been done on a large number of 1976 high school graduates and explored the relationship between the status of the college they attended and their future economic success. It wasn't particularly surprising to read that the Ivy League cohort did better than the average (though less than I might have imagined) - yet the top future earners were the Ivy League Rejects. Presumably people of high ability and ambition but who, for whatever reason, just didn't make the cut. Of course, for most of these disappointed High School Seniors, the choice they faced probably wasn't between Princeton or Beautician School. I'm guessing that they generally found themselves at other top institutions. However, the article seemed to suggest that this group left college with a greater ambition to succeed than their Ivy-educated peers. Make of that what you will.
Another point. In my career I've interviewed and hired hundreds of people. I have to say that an Ivy degree is impresssive and likely to be noticed, but the key driver of any hiring decision has to be on 1) relevant experience 2) demonstrated career success and 3) the right personality fit between a candidate and the business. An Ivy degree will really only ever open the door to a first or second job. The playing field quickly evens out after a couple of years in employment.