Full disclosure: I went to the top-rated college I got into, and purposely chose not to go to the top-ranked law school that I got into. The difference wasn't huge (UCLA vs Michigan), but it did mean I wasn't in the top-10. But I saved a bunch in tuition, and that allowed me to have the flexibility to leave the law several years later and bootstrap a startup. OTOH, maybe I would have had an amazing legal career had I gone to Michigan!