I sat in a lecture approximately 8 years ago where a 55+ tenured professor questioned students on their "real world" mindset. This, of course, is referring to the post-graduation "real world" that so many of us had envisioned and setup as the next phase of our lives. He let a few students in the front give short answers/opinions on what it is.
The answers were normal, most indicating something of a salaried job after their schooling. But just to iron out what I am talking about here are the schooling paths to the so-called "real world":
Elementary > Middle > High > "Real World"
Elementary > Middle > High > 2-year College > "Real World"
Elementary > Middle > High > 4-year College > "Real World"
Elementary > Middle > High > 4-year College > Masters > "Real World"
Elementary > Middle > High > 4-year College > Masters > PhD > "Real World"
I was fortunate to have gone through an awesome 4-year university and ended up staying longer to earn a little bit more. But in retrospect, there are many people who don't have the same credentials and/or opportunities I had that have gone on to do great things and earn themselves a six-figure salary. Although I must note those exceptions are few and far between. I'd say the most contributing factor to my current job setting came from treading the waters on my own. Going out there and gaining first hand experience. Taking jobs that I was way over qualified for. Digging companies out of technological messes and simply finding my own individual way.
But even this past week I had a very "real world" reality hit me. I was looking over the work of a past developer who barely had a high school education, had no formal training or anything official certificate and he had charged the company close to $5000.00 for something that wasn't even worth $100.00. In fact, it had been copied and pasted from some place else. I could not believe it. Made me think that I could have been doing that all along and delivered a far superior product had I pitched myself to the right people.
To answer your question, if you intend on working in a big city (New York, Boston, Chicago, San Francisco, etc) and want an elite corporate job, then yes, your educational background is definitely going to matter. Very much so. But so will your experience. The further you get away from college, experience is all that's going to matter. But the college degree lands you your first couple jobs.
Is Colgate worth a $60,000 price tag per year for a liberal arts degree? I personally don't think so unless your field is going to be paying you $70-100k out of the gates. If we were talking about engineering or something more lucrative, then I'd think so. But again, I haven't done any research on what types of jobs are immediately available to Colgate graduates.
My advice to you is to keep your eye on the prize as you venture off into the collegiate journey. Think about what you're doing everyday and wonder how it is contributing to your foundation for tomorrow. If you're learning about philosophy or politics of religion or something like that, then it's not contributing to anything for tomorrow. If you are acquiring skills that helps a company get a ROI in you then yes, it is contributing to tomorrow.
The prize is ROI for yourself and ROI for your future companies.