I'm not in college anymore. I graduated 4 years back and have been programming ever since. I've based my views on candidates that I have interviewed over the past few years.

Without exception, when a candidate comes in with no graduation and having done a basic 2 month programming course from some private institution, he lacks of a programmer. He may have some idea about his core specialty, but deviate even slightly from there and he is lost.

Alternately, a person with a graduate degree is much more likely to be a well-rounded programmer and has his basics in place.

I'm from India and I believe that the country you come from matters here. In India, society gives a lot of importance to a persons qualification. I guess this affects my views on the matter too.