Quoted from G-P-E:A *lot* of employers don't care if it's an ivy league school or cheaper state school.
What is frequently looked at is:
1 -- is the school accredited.
2 -- that the student followed through and completed the degree
3 -- GPA. High GPA is good but so are the middle of the road GPAs, afterall - employers know that many students cannot devote full time and must also work to pay for school. Lower GPAs - even those are fine if the student worked a full time job during school and has the proper aptitude.
4 -- Does candidate have any work history showing reliability (e.g. maintained part time job while at school).
Some computer science jobs such as programmers are very high in demand.
So are the the IT guys that can properly configure CISCO type firewalls, switches, etc and manage Windows/Unix servers. For these - as long as the candidate has a pulse, they usually get hired.
When you graduate from an Ivy League school, you are often recruited very hard and many offers come with bonuses that exceed tuition costs (with agreements of x years of employment). I have two friends who graduated Stamford and this was the case, as well as most of the other students in their graduating class.