I do think that we over-emphasize the school itself. What I mean by that, at least in my opinion, is that if it's not an Ivy and not the top school in the field that you are 150% sure you will absolutely do (and won't change majors 3x like I did), then take the reasonably priced state option.
Time has flown and I recently realized I'm 12 years out of college. My education was ~10k a year at a public school - a decent one, but not even the best one in the state. I would not be materially farther ahead in life if I'd spent 30k a year at UVA or 50k at Georgetown. And I'm not paying off undergraduate debt right now. I am paying off grad (law school) debt, but that's another story - I was a night student and by the time I graduated it didn't make sense to restart my career in law when I was pretty well along in my industry. And the mistake I made was not going to the cheaper, public state school (and I didn't attend an Ivy).
By all means, get your education, but control the costs. To an 18 year old graduating high school it might sound like a no brainer to spend 50k at the "good" private school over the state option, but the reality is, there are few circumstances where that's true. I did it the right way once, and the wrong way once, so just my two cents.