I think this is somewhat misleading. I have seen enough in my life to convince me that elite schools are worth it in the long-term. It always seems too expensive. But if you aren't willing to invest in yourself, how do you expect anyone else to?
Disclaimer: I did not go to an elite school. Went to a top CS program in a publicly funded institution. Have spoken to enough people in both camps to be sure my experience was not a fluke.