<p>It might matter a little bit; it’s hard to make definitive statements. But a 4.0 from a cheap college will definitely get you into better schools than a 3.5 from Harvard. </p>
<p>(If this seems unfair to you, think about it the other way around. Considering prestige heavily would be the same as telling the students at non-prestigious universities “sorry, but because you couldn’t get into or afford Harvard you can never be a competitive candidate”.)</p>