Where people go to college can make a big difference in starting pay, and that difference is largely sustained into midcareer, according to a large study of global compensation.
That is the opening line from this article on a new study on starting pay of college graduates. The study is missing causation and correlation. Previous work by Krueger and Dale (described here) found that once they controled for the student's pre-college ability that
"Students who attended more selective colleges do not earn more than other students who were accepted and rejected by comparable schools but attended less selective colleges"
Similar results, that ability not the education was impacting income, were found when comparing college majors by Daniel Hamermesh at the University of Texas.
So go to school where you want!