Do they shortlist specifically based on college? No.
Does it matter in shortlisting? Yes.
The people applying for a Rhodes or Chevening are often the rank 1-2 students of the best colleges in the country with perfect CGPAs who also have an otherwise brilliant CV with extra-curriculars. So, they have to distinguish students on things that may have been otherwise irrelevant - like which college you are from.
But that said, there are people who are not from top 5 NLUs and have still gotten a Rhoades. You have to somehow distinguish yourself from your fellow applicants.
Anybody who knows the answer to that question will not be on LI. But let me say this. The college name matters. If from a lesser known college, your CV and the interview skills need to be that more extraordinary.
Does it matter in shortlisting? Yes.
The people applying for a Rhodes or Chevening are often the rank 1-2 students of the best colleges in the country with perfect CGPAs who also have an otherwise brilliant CV with extra-curriculars. So, they have to distinguish students on things that may have been otherwise irrelevant - like which college you are from.
But that said, there are people who are not from top 5 NLUs and have still gotten a Rhoades. You have to somehow distinguish yourself from your fellow applicants.