It really depends on your field and the type of employer you want to work for. Some fields and types of employers can be difficult to work for without a degree. Also there is a question of how much you personally are getting out of school. Some people are much better workers than students.

I think in a lot of domains (engineering, business, management, marketing ...), you can get a skill level better to what's taught in higher education through work experience and self-study, in the same time. However higher education may still be worth it for the credentials (an effective way of signaling skills to employers, though you can also find non-credential way of signaling skills), and networking and connections (again, there are ways to have those outside education). Also, sometimes it can be harder to get a job that could teach you the skills without a degree.