Talking about having a degree or not is just a tool to make one feel more elite. There is nothing about a college degree that is going to make one a better pilot than another....PERIOD. Experience does matter, however, all other things equal.

However, in a sea of pilots all barking, "mine, mine, mine" over an available position, a hiring board might utilize a degree as a weed out tool. However, where do you draw the line? Some degrees are a piece of a cake, others aren't. One with an engineering degree deserves greater kudos than one with an aviation science, psychology, mass comm, etc degree.

Hiring is subjective, always has been, always will be. You make your resume look the best it can and try to sell yourself. You'll win or lose based on many factors, the presence of a degree being one in a sea of others.