When I tell students grades don't matter, they look at me like I have a duck on my head. An internship while in school will land you a job quicker then a 3.8 GPA.
The problem with having a degree, many folks are not seeing the rewards they saw 20 years ago. The price difference is also huge. I think Newt Gingrich showed a report where someone would be better of financially if they just invested that money for college and took a lower paying job, then the debt encountered from student loans. The higher paying job does not affect this to greatly.
When I was working for an Engineering firm recently, I was making more then the fellow next to me who had a masters degree and a year longer at the firm. I merely have a bachelors. I could have landed that job without the degree. Its all about experience. I just don't think a college degree is the right way to go at the time being.