Several more things:
* The IT industry looks for far more for certification than degrees. I am not saying no degree at all, because that is used as a sorting tool to cut down resumes. certs show more. a degree in IT industry really isn't worth much alone.
* A degree, particularly masters, could make you overqualified for low level retail jobs and fast food (over qualified).
* Where you live can impact chance of employment. Companies more likely to only interview and hire people local only because they won't do relocation. I also know one very experienced person who is making at least 2/3 less as a contractor now at IBM than he used to. His experience is all internal IBM. Another director level person I know out in Vegas with years of IT experiences is doing phone tech support for $9/hr. The per hr. rate is lower than a part-time janitor position's hourly rate I had landed.
* And yes, if you add a college degree for no cost to you, while having other things, that won't hurt. The gamble is with the debt time bomb you set up for yourself if you borrow to go.