Freelance web development equivalency to company work experience

I worked freelance part time (full if you count the time looking for clients) for about a year before college, and then off and on part time during college when I had a summer or even a few weeks or days (or hours) to spare.

What is that freelance work worth? Does my "work experience" counter reset to zero after graduation? Does freelance count as 1/2 normal work experience, or same, or what? (Personally I'd consider it 3/2 because it requires more initiative and helps someone understand the company's perspective.)

Thanks.