I don't think it matters much in terms of colleges where you get training, because, like you said, someone from a lower ranked school could just sound better than someone from an Ivy League school.
I also don't want it to sound like I'm saying people without training or college degrees aren't talented. I think what I want to say is that you're certainly not losing anything by going to a college. getting a degree can only help you and could possibly prepare you for a longer career. as much as so much of show business is luck, I think having a solid foundation of training to fall back on is very helpful.
someone also mentioned, I believe, the benefits of having a BA in general. between acting jobs, someone with a college degree can get a higher paying job than someone without one. those with degrees and extensive training in music performance could possibly teach private voice, as someone like Victoria Clark does. [I'm always surprised to read and hear that so many Broadway performers can't read music, by the way.] so what my personal opinion is, basically, is you're doing yourself a favor by getting a degree, but it's not necessarily for everyone or even a guarantee. and I hope I didn't contradict myself.
When I see the phrase "the ____ estate", I imagine a vast mansion in the country full of monocled men and high-collared women receiving letters about productions across the country and doing spit-takes at whatever they contain.
-Kad