College seems to have ~3 uses from students' perspectives: 1. A trade school for technical professionals who actually need specialist education (scientists, engineers, lawyers, doctors, etc.) 2. A finishing school for the elite 3. A blood sports arena for the brilliant to complete for professorships (almost all of whom will lose and be saddled with 6 figures of debt and 7 figures of opportunity cost) A lot of people…
1. If you're looking for a professional trade school, go to a state school for undergrad. Every elite graduate who joins a BigCo after finishing finds themselves shoulder-to-shoulder with ten state school graduates who paid a fraction as much as they did to get to the same exact place.
2. If you're looking for an elite finishing school, well, there's only so many schools at the top. Ivies or Stanford or bust. If you don't get in, or can't afford to go, well, this route simply isn't open to you. Just don't fool yourself into thinking some small land grant college few people have heard of will give you the same thing. Elite finishing schools are what they are because of the connections you form there, not the educations they offer.
3. You have a much stronger head-start on the rest of the academic market if you start at one of a handful of schools, places like MIT or CalTech. You can, of course, still end up in academia coming from a state school, but it's much, much harder to stand out, much harder to get involved with undergraduate research, much harder to put together a strong academic portfolio not for any graduate school but for connected graduate schools.