I don't think so it matters about your college. It just let's you ease a bit in your college life. Because a lot of good companies who give good packages will come to your college and you will easily get placed with the tag of IIT. But if you grind enough in your tier-3 college only then you will surely able to score a high package just like people get from IIT. You just have to find your passion in which tech you want to go, just give your time in that and you can get a good job in that field.
But if you don't work hard in your college life then it's your fault. Then nothing can be done if you are not focussed.
According to me till 12th standard parents and family have a role in our success like someone got into IIT as there parents help them with each and everything possible
But after 12th, when your college life starts it completely depends upon you , how you approach the opportunities that come in your way. Whether you will acquire some bad or habits in your college life , these all will reflect in the package that you will be getting after you complete your college.