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I don't think it's the only thing you should look at. Most employers don't care (at least in most fields - it might be different in business), as long as it's an actual school (not ITT Tech or Phoenix or whatever). A better school will usually teach you better, but a lot of it is also how much you put into it and which professors you end up getting.
A business school like Carson School of Management or Wisconsin Business School will bring employers to your school junior/senior year to fight for the senior graduates if you have good grades. It's not really about having the school name on the resume, it's about direct links to open positions in related fields when you have zero experience. I had four offers out of college the day I graduated, and it set me up for future success because I was the never person without the "1-2 years experience required".
One thing that baffles me (and I'm not point any fingers at any person in particular) is how some people only look at college as what you do after high school. You're paying damn near $80,000, use it to find a job you like. You have your whole life to either move to Colorado or visit for an extended period. Use this opportunity to set up your future for success. Also, Minnesota and Wisconsin are insanely fun schools. A lot of my friends in Seattle went to Carson and they told me it was the most fun period of their life. Wisconsin was easily the best 5 (LOL) years of my life.