Not really. Anyone that's a hard worker can get an undergraduate degree, while there are many brilliant people who, for whatever reason, don't. Undergraduate degrees better correlate with family income than they do with IQ.
"Two other factors, family in receipt of state benefit and IQ categorisation, also have significant predictive powers, but are somewhat less important than a deviant classification. Respondents with below average IQ are less likely than those with above average IQ to pursue third level education. Those groups in receipt of state benefit are more likely to leave the educational system without completing second level. However, those in receipt of state benefit with above average IQ present a similar pattern of educational attainment as those with a below average IQ but with families not in receipt of state benefit. This finding indicates that socio-economic advantage can benefit individuals educationally. A similar pattern is evident for both the deviant and non-deviant groups but the deviant group is less likely to complete second level and go on to third level education."
SAT vs IQ: 81% http://www.sciencedirect.com/science?_ob=ArticleURL&_udi...
I couldn't find information on correlation between IQ and college degrees, though. My Google-fu is weak.
Edit: a bunch more cool stuff (and sources) at http://en.wikipedia.org/wiki/Intelligence_quotient#Positive_...
I'd find this rather sad if it were really true.
If a degree is not mentally challenging then why not, why are Universities offering degrees that aren't focussed on higher learning (that would naturally exclude the less intellectually able)?
An awful lot of subjects, even the more academic ones, are mostly about remembering things -- understanding is optional. This correlates heavily with determination, time spent, repetition, etc. Intelligence? Useful, usually, but optional.
(Oh, and why? I dunno, the money?)