My definition of intelligence is basically realizing what your values are, what your goals are, who you are, and living your life in such a way in order to hopefully maximize the chances of being where you want to be, with the realization that you will never actually never "completely" be where you would like to be (since, if everyone was being honest with themselves their hopes and dreams are ultimately limited by reality). It's also realizing that this realization (while fundamental) means absolutely nothing in the grand scheme of things.
Given my definition of intelligence a college degree has very little to do with anything. Both of my parents are pretty educated and I would consider them less "intelligent" than starving artists, mainstream rappers, actors, nurses, second rate athletes etc (in general, of course). Talking to most of my professors, I don't consider them any more intelligent than my parents either. As a whole the "educated" don't seem particularly bright, to be honest...I have an uncle who is some sort of professor and he honestly pisses me off sometimes for being so ignorant.
Although, I would say that I have a tendency to think that everyone should have gone to college and probably even grad school unless they had a very compelling reason not to.