After I entered a top univeristy in China, I spent most of my time playing and the results is so so. It didn't bother me at all. I am happy I went to the top university.
Now I am studing part time in a second tier university for my MBA program and I got scholarship. I might still want to be in top university if I have the opportunity.
After graduation, a first tier university graduate has more opportunity. Nobody carrys their academic results every where.But they need to show their degree to every employer.
The name of the university will be with you in your whole life, not the mark.