The "known" colleges can be very selective in whom they accept, and prospective employers can rely on that degree as an indication that not only is the person smart and motivated, but they had the perseverence to get the degree.
With a few exceptions, a degee from a state college is little more than having your card punched. This can be enhanced with meaningful honors (Summa Cum Laude, PBK, etc), but most employers assume that a degree from "State" merely indicates that the person is reasonably mature and capable.
The best employers are looking for grads of reputable schools.
But these circumstances are based on what I believe is a false paradigm. The most successful people in our society (using money as the measuring indicator) are the people with the best business sense, not necessarily the ones with the highest IQ's or the best grades.
Putting it another way, if your objective is to Get Rich, getting a "Good Job" is probably the least likely path to take. The corporate world consumes the vast majority of people who come into it trying to get rich. They get pigeon-holed into some bullshit job, spurned by an incompetent boss, or they are unlucky to be assigned to a Division that is going out of business, or makes no profit, and they never really succeed.
The people who really make money are entreprenuers and investors, who constantly take calculated risks, frequently fail, and continue working at it until they succeed. If you ride around the neighborhoods with million-dollar-plus mansions, very few of them are corporate execs.
And even among the Professionals (doctors, lawyers, CPA's etc), the ones who make the most money are not the ones that graduated with the highest GPA's in grad school, but the ones who are the best businessmen in their practices.
If you want to get rich, the best way to do it is with a small business. There is no guarantee of success (the vast majority of them fail), but your chances of financial success are much better than going to work as a management trainee for a corporation - even if you graduated from Yale.