However, as others have noted, going to a good / decent college can increase your chances of knowing the right people to land your first (or second) job, and can also give you the confidence to excel.
The point of college, in most cases, is not simply so that you can get a shiny piece of paper that says you've slogged through four or more years of work. The point of college is to A. teach you that you can do that amount of work at that level and persevere, B. tell that to your future employers and C. learn a lot about your chosen field.
I received my degree in Psychology from a school that is listed as one of the top ten (sometimes as #1) in the field - that, alone, has given me the confidence to both know that I possess a great deal of knowledge about the field and that going to such a university has and will continue to open doors for me.
If you're planning on getting a Master's or a Ph.D, what college you go to really starts to matter.
I think you might be going to the wrong university if they hand out their degrees on shiny paper
Anyway, it varies wildly course to course. For example, my uni is the best in the country for my chosen course, but other unis might be better for other stuff outside my field on interest.