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I have a degree - in mathematics. I minored in CIS (Computer Information Systems). I learned a lot of valuable information about algorithms and calculational efficiency (i.e. "Big-O"). I have friends who received their degrees in CIS from the same college. None of us learned about web technologies and most of the teaching was done by people whose degrees were issued at least a decade before the web as we know it today. A degree is optional. A degree does, however, provide you with a solid foundation in other programming concepts which are timeless: OOP, Big-O, data structures, memory management, ... If you want to code, just read things online. If you want to code well, get a degree. Is the money worth it? Probably not if you're comparing money earned (except where you're working for a company which specifically pays you based on educational background, but I'm assuming you work for yourself, as do I). I, however, value the quality of my code and so the degree was worth it (and the $150/mo payments on the loans).
BTW: This is coming from a guy who slept through his advanced data structures class to be awoken by the instructor when he/she got stuck. One day I'll tell you about when one of those instructors irritated me. Quite funny, actually (but, only for a nerd.)
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