Very true, but things are rarely equal, and once you've proven yourself on your first job there's even less of a chance that your fancy-pants degree will have any meaning. You need to balance the wish to go to a big shot school with what it costs and where it is. Very soon after entering the work force it won't make any difference.
Only when that first job is relevant to the field you want to be in. If you're working retail to pay the bills and student loans then having a degree from a good school/program is still pretty important while you search for your dream job. The degree is really just needed to open the first door to a real job.
And by good school, I don't mean Ivy League or necessarily really expensive, I mean one with a well respected program in the relevant field of study. The grad school I attended was just average, but it had a good and highly ranked business school with world famous professors. The moral of the story and directly related to the thread topic is don't pick skiing over an opportunity to attend a school with a much better reputation in your chosen field of study. You've got your whole life to ski, but that job of a lifetime opportunity only comes once, if ever for most.