It may make your first offer harder. Some companies are way more likely to put a booth at the career fair of MIT compared to Foo State. After that meh.. some people care about schools, many do not.
I would imagine that the social network one builds in college can help later on, too, if only for internal referrals. I would be interested to see what percentage of Google employees attended Stanford vs. other schools vs. started professionally programming without a college degree.