It is true that you should get your education at a renowned school. A renowned school is one that takes you seriously and will help you reach your personal best and develop good airmanship i.e. be a safe pilot. Problem is that different airlines have different opinions as to which schools you should regard as renowned. I suggest you zoom in on a few "favourite" airlines of yours and call them. Most of the major airlines have their own ab-initio school, or a preferred selection of 2-3 schools. Smaller charter or fixed-base operators really don't care where you got your training; only how many hours of so-and-so you've logged (and who you know). Either way you should try to get some sort of sponsorship deal, 'cause this business will set you back quite a few quid whichever way you choose to do it!
As for myself I chose a "well renowned" school and was able to benefit from that later on (but only because the Company in question ALSO regarded it as a quality training facility).
There are hundreds, if not thousands of unemployed pilots out there (long term; those who'll never get a job regardless of the number of available jobs). These usually come from schools that did not have a proper screening programme and/or didn't ensure that the students displayed a professional attitude towards their future line of work (safety-minded instead of cowboy-minded). Fortunately, I have the impression that these schools are few and far apart (in Europe, at least).
Could've written a book about this, but hope this post helps!?
Best of luck!
And, uh, these are my personal views and not necessarily the cold facts etc, etc...