They were talking about your undergrad degree in reference to getting into grad school in which case it doesn't matter nearly as much as long as you get good grades and have the test scores to match.

A Bachelor's Degree from Stanford and a state school don't have much difference? Hmmm... I disagree a bit on that. Most schools may be viewed pretty similarly by employers, but there are a few (Stanford, Ivy leagues, and several smaller 'elite academic insitutions') that do stand out a bit more.