I went to uni for two years (97/98 I think) until they asked me not to come back anymore.
So I don't have a degree. But what I learnt hacking in the computer lab (when I was supposed to be learning "Computer Science, C++") taught me almost everything I still use in my current job on a daily basis. So having access to University Unix boxes and computers with the Internet did educate me, just not in the official courses that gave you a bit of paper.
To get my first real job (it was a traineeship) I rang up every day after my interview asking if I'd got it yet. Eventually they said "Yes, you have, you did well in the interview and far out you rang us every damn day so we know you're keen"
I was very, very lucky though and I wouldn't recommend doing this!