I wrote 'Is a Four Year Degree Worth It' a few weeks ago which addresses this question.
The question of whether it is a waste of time and money depends on what you study. Some things require a four year degree, such as engineering. But software development in my view is not the same.
The main argument for a degree is that it proves you 'can think'. But does it? Actual code and geek credentials are far more valuable. If when you come to apply for a coding job you can point to real systems which you have developed, and show the source, you will have far better evidence of competence.
Of course large organisations with HR departments that are in principle incapable of evaluating such things might specify a degree. Their loss.
I'm not quite saying a degree has no value, only that it is not the golden path to riches that it once was, and there is a divergence in payoff between various majors. Don't make the call on what is easy because no path is easy.
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