Yes and no. Education is important. Some companies may require a 4 year degree and others prefer it. The multi-time requirement is important. But given how things run in this industry let them tell you "no." If you meet the overall total time minimums but are only shy by 50 hours of multi then you should apply. There have been cases where pilots are hired who don't always match the minimums. It could be because of an internal recomendation or it could be because they really liked the individual and felt they were a good fit. It's a crap shoot really. Just keep your chin up and keep knocking on doors and sending the resumes. We have all been where you are at currently. But persistance pays off in the end. Good luck!