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Someone simultaneously spending money, building debt, and foregoing income for years to complete a project that will result in better longer-term prospects absolutely shows drive and a focus on the long-term.
Not going to college doesn't mean someone doesn't have those qualities, but the degree is prrof of minimum qualifications and drive.
I know everything necessary to build a house from the ground up, but if you want an electrical upgrade you should hire a licensed electrician and not me because they have the credentials to back it up.
As I asserted earlier - you are heavily downplaying the efforts of someone working in the same field for the same amount of time and treating it differently. That simply isn't a fair assessment and is being used to sell a statement that is a half truth. Both individuals have something to show for their time investment that highlights their value. One has a degree which, for the reasons you have specified, is valuable - one has 4 years of experience in the field highlighting they are competent enough and skilled enough to be an asset to the same company for 4 years. To head off the followup: does every worker at a job have 100% "hire this man" energy? Certainly not. Conversely does every graduate have what it takes to succeed in a field? Absolutely not. With that in mind both individuals applying to a new job with the aforementioned experience/degree will, and should be, weighted similarly.
With regard to your electrician example: a licensed electrician is just that. When you hire one do you care if he got a degree in EE prior to getting his license? The result is what matters. This is the point I keep driving at. If I hire a lawyer, I could care less what is hanging on his office wall - I care that he passed the bar and wins consistently. There are many paths to the same result... don't simply scorn one because it is a path you wouldn't take.
You literally can't take the bar without a law degree. The bar is just a test at the end of the journey.
Because the ability to pass one test is no replacement for a holistic education in the law.
Hell, I know more about the law in my particular field than 99% of attorneys. But that doesn't mean shit in a courtroom.
Do you care of your electrician is licensed? You should. Because someone can know enough about electricity to get by and make things work and still be dangerous. That shortcut they used to steal a return off a separate circuit to save a wire run in the garage works great until the GFI fails on a short and you get electrocuted using the sink.
Credentials are important. Some college degrees are essential for their specific jobs (doctors, lawyers, scientists). Others are useful skillsets combined with a degree that acts as a credential that says "independantly accomplishes multi-year complex goal involving 40+ successful milestone tasks (courses) with no supervision required."