It depends on what type of job you end up wanting as far as how a potential employer "rates" you. For example, I work at Lockheed Martin and we recruit from a list of 89 schools in the US. Those 89 schools are broken up into categories with the two main categories being Key Schools and Target Schools.
Key Schools are at the top of I guess what you could call a "pre-ranking," basically Lockheed tries the hardest to get graduates from those schools since statistically they receive better educations for the technical field. I went to Rensselaer Polytechnic Institute which is one of Lockheed's Key Schools and I have no doubts that aided in me getting interviews and eventually getting the job. Basically the schools reputation gets you slightly higher on the list, but they still look at how well you perform in your given school.
