In many foreign country, reputation of university plays the fundamental role when you join the society (saying this as a foreigner who studies in US). As a student who has experience in good school, bad school, US system, UK system, traditional society and US society which really stands alone.
Of course the most important is THE LAST SCHOOL YOU WILL ATTEND before you join the workforce. However for many people they don't know what is the highest degree they shall get. Thus it is better to get into the best school you can go. In addition, my professor who had the statistic told me that 29/30 NSF scholarship recipent came from a famous school in his son's application year. Thus you will be given a lot more chances if you can attend famous school.
Technically, undergraduate topics are fairly standard. You can't learn too much less if you attend a normal school. On the other hand, the attitude of particular school has major infleunt to learn. For example, if everyone in your topology class trying to understand the proof of poincares' conjecture, i suppose you will more likely to look at the proof also. In the opposite, if everyone is playing sodoku in your class (like the university that i am attending), you are less likely to focus in academia.
To answer the original question in a practical sense, apply every school you can and wish yourself luck. But isn't it a little bit too late for this year?