It's primarily about skills and practical project experience even for internal college projects and internships done in college. If knowledge is not real and projects done or documented just as a formality and you are not able to explain even basics and fundamentals of subjects studied, then it is tough and one should be thankful for getting hired for any job where company would be investing in training you, bringing you up to speed and making you productive at start of your career. 

Once one proves oneself through contributions then they can get paid well based on value they bring in to the company. As far as colleges go, one can find good talent in any college, it is just that probability and percentage of getting good freshers is more in top tier colleges, who have good faculty, infrastructure and good industry connect.