For most people for the most part, the college you attend doesn’t have much affect on the outcome of your career, because most people don’t attend colleges that are prestigious enough to affect where they land their first job.
If you graduate from Harvard, or MIT, than yes, of course that will affect the rest of your career, because those who graduate from such well known and highly regarded institutions receive offers of employment to more highly regarded places and start at higher salaries than do those who graduate from the more numerous less well known schools. This is because employers have come to believe that students that graduate from an Ivy league school or a top engineering school make better employees or in the case of law, bring with them prestige from their school, which in turn helps them to entice clients.
If you graduate from other less well regarded schools, your prospects upon graduation are less than that for the famous schools and thus you’re likely to start in a less well regarded place of employment at a lesser position. And if you start out with less, you’ll likely find yourself trying to play catch-up for the rest of your career, as compared to those from the more highly regarded schools, but not necessarily with those from schools that don’t rate much higher than the one you attended.
Also, the kinds of college you attend may have some bearing on your chances of success in the job market after graduation. For example, unless you are an English major, and have ties to the publishing world, graduating from a liberal arts school, generally won’t open many doors for you, and neither will it do you much good as your career marches along. This is because liberal arts schools are generally considered rather easy to get through and thus, don’t offer much proof that students are able to rise to difficult challenges and persevere. Also, liberal arts degrees tend to lend themselves to degrees that don’t necessarily translate into jobs that pay very well. On the other hand, if you do go to a liberal arts school and graduate, you are likely to do at least as well as do others that have done the same.
For the general masses, though the college you attend tends to lose its impact the longer you are employed, as your merits and achievements begin to speak more loudly about your abilities than a long ago degree from a university.