I have a BS in MIS/Business. I started for a Fortune 100 company one month before I graduated, as an IT/QC Administrator. Worked there for about 8 years, got my MBA (company paid for it 100 %). After 8 years, I quit and worked for the federal government for 1 year. Then I came to work for my current employer, another Fortune 100 company. The pays are ok, within the range of the Southern states.
I think college degrees are just proofs to your potential employers that you are "trainable". You will have to show the ability to think on your feet, analyze information, make good business decisions, get along with the team, ect., in order to be success in the real world.