This is also ignoring the significant credit that having a "brand" name school as well as alumni network, like those in the Ivy League, has on one's job prospec

This is also ignoring the significant credit that having a "brand" name school as well as alumni network, like those in the Ivy League, has on one's job prospects. A significant portion of the value of one's graduation from these institutions is an affiliation with their name, which is more valuable than those of various (especially mid-tier) state schools.