Something interesting to also consider. The thinking you can get ahead without a degree is kind of unique to this country. I think it is because we have for a long time had a strong economy so business has been able to grow and our trades are paid extremely well.
Ask this question on an American forum and the responses you get will be vastly different.
In the US you have a situation where college graduates are flipping burgers. And this doesn't just apply to arts degrees and whatnot, but to people with degrees in law, IT etc.. Unemployment is much higher there and a higher proportion of people have degrees. Much more competitive.
Another problem in the US is that their college fees are higher than our university fees (though we're moving in that direction). A lot of Americans are paying off massive student loans, earning low salaries and wondering if it was all worth it.
In the US a 4 year degree is typical and that time is dragged out even further by needing to study post-grad to specialise (another thing we're moving towards with the 'Melbourne Model').