Target school equals optionality?

Do you guys think students from top targets are able to take more professional risks than students from lower ranked schools? I have a couple of friends who graduated from Ivy League universities and chose to start in rather unconventional paths (teaching abroad, joining no-name startup, etc.), but they all seem to have pretty good exit opps. In fact, one of my friends who's looking to enter traditional finance, has mentioned that a lot of interviewers and recruiters are  rather interested in her unconventional background. Now, if she went to Penn State instead of Princeton, do you think the reaction would be as positive?

In other words, can school prestige make an even bigger difference in your long-term career than your first couple of jobs, especially if you spin them positively?