As someone who has omitted their college degree and left off that I'm currently in a grad program, you try that in retail and they ask "well, what have you done all this time?" The time needs to be accounted for.
To mix it up I've also said I'm in school now, hence some hours I can't work, and don't show the degree or say that it's for a grad program. Just let prospective employers think it must be undergrad.
Really since losing my job (started grad school part time before then) as tough as it is being "over qualified" people don't want students either. A number of places have said they require "full-time" availability even for part-time employees because the hours change week to week.
For those who say the jobs are out there and that Gen Y is lazy, try losing yours. It can suck. Bad.