This article concludes that the answer is no — that if you’re smart enough to get into, say, Princeton, you’re smart enough to make money wherever you go to school, even if it’s someplace a lot less expensive.
Not to say that I wouldn’t be thrilled to have my kid get into an Ivy League school, but I’ve always thought that it’s no great feat to graduate “the best and the brightest” if you only admit the best and the brightest to begin with.