Having been the editor-in-chief for the school magazine is a big plus when applying to top journalism schools.
My friend's son was the editor-in-chief for his school newspaper in Palo Alto, CA, and was accepted to Northwestern's school of journalism a few years ago. My kid was also the editor-in-chief for the school newspaper in Cupertino, CA, and was accepted to Northwestern last year. However, it is difficult to obtain gainful employment in journalism nowadays so it would be a good idea to have Plan B (such as double-majoring or having a minor in marketing communications or economics).