Spent well over a decade in the "bush" in more countries than you can poke a stick at. Came out of it with a stack of licenses and experience on stuff from 172s to C130s.
No degree, never a problem. Working for my second major carrier now, from which i hope to retire (not too soon mind you). My second career was taxi driver which took me all of a week to learn and came in handy on a few occasions.
IF, per-chance, i wish to go live in HI or CA or one of the 50-odd States i will apply to do a corresponence degree from one of those oh so "crap" universities back in AUS. Believe my experience gets me credits which will leave about 2 years of study. Hey if i get bored i may just do it anyway- doesn't cost much- but its not a priority for me. Launching 300 or so mostly innocent souls into the air and bringing them safely back to terrafirma is.
After 2/2 successful airline interviews, what do i think "they" are looking for? They want to see you've put in the hard work to get where you are (this can include a uni degree), your resume is not BS (ie you know your sh!t and can perform it in the sim) and that they'll be able to spend long hours with you in a small room without feeling the irresistable urge to headbutt you.
The rest is minimums.
HJ
BTW the only doors that a JAR license opens (that others won't) are EU/UK ones. Unless you want to eat smelly frog cheese or freeze with the Pome's then forget it.