As I hinted in my post above, the employers (at least the ones that I know) who reject candidates based on the low ranking or community college on their resume do not do so because they are elitists but out of necessity. These are employers who do not simply need programmers but also strong mathematical background and critical thinking. This combination is hard to find in fresh graduates even out of elite schools (our company has rejected a fair share of MIT and Berkeley CS grads with perfect GPAs). It is also NOT the case that there aren’t graduates from lower ranked schools who do not possess these skills. It is more of a matter of statistics and the resources available for recruiting. If we need 100 interviews from T50 to fill 1 position, it will take significantly more interviews from say T150-200.
Edit: Perhaps I am in a bubble of niche computing jobs and highly selective employers, biasing my opinion.