With the exception of professions where there is either very little expansion of knowledge, but a vast knowledge base (such as literary professions) or an ever increasing knowledge base where knowledge is seldom replaced (such as medical professions), most of what a college degree proves is that you have learned how to learn. This is especially true in the IT professions where the industry changes so quickly that the curriculum is already multiple generations behind by the time changes have been approved.
My advice for those entering the IT professions: Try to get in with a start-up. The work is not stable, but they will be more willing to take a risk on those with less experience (due to the fact that the more experienced will be looking for something more stable.)