Three things to watch out for:
1. Sour grapes: cannot get in, so claim reputation of college is of no use
2. Over-reaching: getting into a highly ranked place, and then being unable to cope with the brightest. This is the worst case, IMO.
3. Under-reaching: getting into a very easy place, under the assumption that you will breeze thru. Not a bad thing to do, but comes with some caveats like understand what you are missing, and that employers can also figure out why you went there.