There isn't much evidence graduates of "elite" schools have better career outcomes.
https://www.aei.org/wp-content/uplo...ve-College-Equal-a-Bigger-Paycheck.pdf?x85095
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Iowa State would be somewhere in the "moderately selective" category.
Their findings are such that most of the earning bonus from people attending more selective schools comes from their higher likelihood to graduate (which is probably more of a reflection of the student and their underlying character/motivation than anything about the institution's quality). For those completing their degree, the main benefits of Harvard versus Mississippi State are there but rather minimal.
Harvard freshmen have a much better outlook than Westfield State freshman (a real school in western Mass). But once we're down to graduating seniors, much of the difference is gone.
The authors note the data above does not account for regional cost of living differences. Harvard graduates tend to live on the East Coast while Mississippi State graduates tend to live in, well, Mississippi. Account for the cost of living difference between NYC and Jackson and much of the wage "premium" from having a fancy degree from a fancy college or university starts to vaporize or even disappear with a COL adjustment.
