How much is the name of a school worth to you?

I spoke with a friend who attended Columbia University for a masters in psychology. He currently has a job earning less that $50,000 a year and has over $80,000 in debt from undergraduate and graduate loans. He told me, "I will have to pay over four hundred dollars per month for the next thirty or thirty-five years." I asked him, "Was going to Columbia worth it?" He answered, "No, but at least I can say I went to Columbia."