Similar to having a well known last name like Rockefeller or Kennedy, there's no doubt that going to a famous college gives you a leg up over someone who went to a random state college. Not to say the education is any better, although it usually is, especially at the well known Ivy league schools, but simply the name and brand recognition of a college is easy to impress employers and such on resumes and other signs of accomplishment for a person.
The easiest point to make is that, rather than the education (which can often be obtained far easier and far cheaper than going to these colleges), connections made are the most important part of the experience. Having a shared connection and a shared life experience means a lot in the hiring process.
If a student graduates from a prestigious college (or, especially, a more advanced schooling like a university), then this will definitely look good on a resume. If they placed well, such as being at the top of their class with a title such as suma cum laude or magna cum laude, this will also look good on a resume, and make them seem more hireable than a candidate whose resume lists a less known college.
I do believe graduates of famous colleges get a better start in life. The graduates of famous colleges are pretty much guaranteed a career in any field they choose. I also believe the graduates of famous colleges will always be chosen over graduates of regular status colleges in career fields.
Yes, people who graduate from well known colleges get a better start in life due to the extensive networks with ties to the school. Other successful people have likely graduated from the same school and may still have ties to the institution, such as through internships or jobs for recent graduates. Networking through alumni could be valuable the a famous school's students as well.
Studying in a famous college can either help you be confident enough to study hard since you don't want your school to be ashamed of you. But then again, it can also be hard for a student if he/she doesn't want to concentrate due to boastful ways. Like ooh I'm in a famous college, I don't need to study and stuff like that. So, no. Graduates of famous colleges most often doesn't get a good start in life.