Various people answer the question. My contribution:
Tremendously important! (I'm an English professor, so you know I'm going to say that.) I will add though that there's a tremendous difference between getting an education and getting a degree.Read all the responses at Productivity 501.
The real point of college is the practice it offers in developing the ability to think and feel deeply and learn about the world and one's possible place in it. Not to learn how to make a living, but to learn how to make a life, as I remember an old professor saying at my freshman orientation, back in the 20th century.