Hey guy's.
Being on the inside looking out I can understand your frustration and annoyance at a process that seems illogical. I've been in your position and felt the very same feelings.
Yes some mates get rejected when "others" get accepted and some can not even get an interview.
As a line captain I think the selection guys get it right 99% of the time. The guys with degrees are bloody good pilots and great guys to sit next to, just like the guys described by Split Flap.
Don't get hung on this degree stuff, because it's only one of many qualifications that are looked at.
Good luck!
Sid