My two-year stint at the local community college after returning from 5 years of rockin' led to immediate employment with the state in information technology at the entry level, making about $28K per year initially as a Programmer I in '91. Within a year, I promoted to II and made $35K. By '95 I was a topped-out Associate making $55K, and by '97--taking my time and enjoying life--I was Staff making $65K. I no longer work in civil service, but Staff IT are making about $75-80K per year now (though here in California many are paying 15% back because the Governator's furloughs, gah). So 9 years total from the start of college, I went from minimum wage to the equivalent of $75K per year on a two-year degree. Masters degree graduates cannot qualify for Staff positions on education alone ... so there's something to be said for community colleges and what they offer.

If targeting the private sector, a four-year degree is advised, but the first 2-3 years can usually be done at a JC for much less than you'd pay at a university. Note that I used the term 'targeting'--my path went very smoothly because I decided on exactly what I was going to do before I did it. After that it was just keeping focus and my head to the grindstone.