Importance of prestige/ranking of graduate programs

When commiting to graduate school, is choosing a prestigious program mandatory or is it alright to go wherever you can to pick up the knowledge you are pursing? For example, if your undergraduate program is moderately prestigious (within the top 75 schools) and your graduate program is a lower teir (3rd or 4th) could that be a detriment to your future?

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Kimo
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