The stats are there and cannot be disputed. On average, those with college degrees earn more than those without them. However, the "degree" is not a guarantee to anything. I have come across MANY over-educated/underachievers. They settle into a cushy corporate job & never really do much with their degrees. Conversely, I have a client who is my age. He does not even have a high school degree and owns a profitable $30 million company. But again, based on the stats, he is an exception.
In my own experience, my education helped me open the door to job opportunities. Now, as a management consultant, I doubt potential clients would take me too seriously if I did not have an education.
But beyond having a “degree”, I have honestly been able to apply just about everything I've learned in business school, to the real world of business. That’s where the real value has come in for me. In fact, I still refer back to my college books, and stay in touch with several of my professors and many of my peers.
I went into it just wanting a framed piece of paper, and came out “enlightened” and with a network of colleagues.