Thank you for writing this, seven years ago or today, it's still relevant.
I get really irritated by the r/mba sentiments that if it's not top 10, it's the worst decision you could make.
I'm getting my MBA at a T30 where everyone gets full tuition plus 15k cash*/year (i used it for housing, books, and bought a car lol). I'll 3x my pre-MBA salary going into my internship and (can be well assumed) LDP, and will be debt-free from the MBA (I still have Masters loans, so that was a consideration).
I think people forget that others have different goals, and backgrounds than consulting or IB/PE. As you mentioned in your post, people with high salaries going into a program tend to make
even more coming out, but i think many think that they'll go into an MBA program at 60-80k, and come out at 200k from any school, in whatever role they want - which just isn't how that works.
I knew exactly what I wanted to do going into my MBA. received offers as early as August and accepted my internship offer in October - 100% the work I want to pivot into. I went in with companies I would target, Fortune 500 and beyond, and have people and networking skills. As a pivoter - name was an important consideration, but when I was deciding between Cornell and my T-30 - i realized there wasn't going to be a difference in the amount of work I'd have to do to get where I wanted to be, only money!
I was a super non-traditional (think, the arts) MBA candidate pivoting into a non-trad strategy role (digital transformation), and it's really sad how narrow the lense is for T10 admits/prospective students. While a name/prestige can be a (huge) help, I've not seen an industry or role where you can ONLY be from a particular school or T10. If you've got what it takes, can network, are likable, and can deliver, you can get so many places/salary bands, etc.
I hope more people read your post if only to understand that there isn't just one way to get somewhere.
Thanks for writing this timeless post, BB