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Reading is an education every time you do it. Far as I'm concerned a college degree is indicative only of how much BS you are willing to tolerate. This is why employers like people with degrees.
I don't think "highly educated" and a certain level of schooling are the same thing at all.
On a related note, with the era of instant access to information looming I think the need for a degree is already becoming obsolete. Only the inertia of a bloated educational bureaucracy is keeping us from advancing past the outdated college model.
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