That is not at all true. When I interviewed, there were certainly people from elite schools interviewing with me, but I got it and most of them didn't. When I interned, there were more interns from large state schools than from the elite colleges. Honestly, Microsoft is full of employees from colleges all over the country. Study hard for your interviews, and you can make it too.
I totally understand where this impression comes from, but I know that I met a lot of people during my internship that came from schools I had never heard of and wouldn't always think of as elite. Something that helped me was focusing on just going to as many career fairs and conferences as possible, as this let me have face to face time with recruiters and get them interested in talking to me. I feel like in tech, the hardest part is getting that initial interview. Once you have it, where you're from doesn't matter as much, it's just about you wowing the interviewer with your abilities and your personality. Tech companies want to teach you and they want to know that you're willing to learn. Focus on the things you can control, such as the clubs you're in and the work you do. Also, seeing as you go to UVA if you're on Handshake reading this, you do go to a good school. There's no need to feel like your school isn't elite. Show that you can make the most of the resources you have and you'll do great.