Like someone else said on this topic, marks and degrees are not everything. It's what you do with the knowledge you gain that makes the difference.
BUT, graduating from a good Uni/College opens a lot of doors that might not be so easy to access for general public. Say, if you graudate from Harvard or Camrbidge or UCL your CV would be given more importance than someone else from relatively unknown college/uni even if the cambridge graduate only has his/her degree and no experience and relatively-unknown-college graduate has more practical experience. I know this because some I know experienced this. They are not even given the respect they deserve which is quite sad and disgusting.
Its the perception, even in this topic, people are impressed by more educated actors (male and female) and laughing at those who couldn't/didn't finish their college degree.
Look at Google founders, they left their Phd just one semester before they were to complete it but they are so successful now - not just in terms of money but respect, too. I, personally, feel they should have stuck just one more semester because getting accepted for a fully funded Phd programme is not easy at all. Most of the people self-fund their Phd which is really expensive.
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