A question was posed to me asking how much education I expect a software engineer to have before I would consider hiring them. I don't like questions like this one, because it begs for a general answer to a question that I think deserves more careful scrutiny. I am not a fan of hard and fast rules for anything in life. Place two candidates in front of me, and the person with the formal education does not necessarily beat the high-school graduate in intelligence or skill.
While I do believe that education is important, I believe that education can come in the form of reading books, working, traveling, and just living life in general. Albert Einstein was a high school drop-out (okay, later in life he squeeked his way past earning a degree) who wrote his amazing papers without any academic instruction while working as a patent clerk. He hated the rigid structure of the classroom setting.
So in my estimation, a person's worth should be measured by their ability to present themselves, by their passion, and basically by their performance rather than by a piece of paper signifying their diligence to show up to and pass college level courses. Don't get me wrong, you can get a lot out of college. You can also get very little.