Yes, this is so true and what people outside of these schools don't realize. Almost anybody who does not go to ~14 schools* won't have a chance at the jobs paying more than $300k when they graduate. Of course, you have to be one of the best students - so both highly motivated and highly intelligent - but you at least have a shot.
* Schools list: Harvard, Yale, Princeton, MIT, Stanford, Duke, Chicago, CMU, Cornell, Penn, Berkeley CS, UIUC CS, Columbia, and Caltech. Slightly lesser schools (the school's name won't immediately disqualify you, but you have to work harder than candidates at these schools) include Northwestern, Dartmouth, Brown, Hopkins, WashU, Vanderbilt, Notre Dame, and WASP + Harvey Mudd