Been in IT since 1998 (except for my stint as an Officer in the RAAF) and I'm now a Senior Software Engineer for a global Biometrics company. Barely passed Year 12, never been to TAFE of Uni. I've done some courses that various employers have put me through but that's it.
Experience counts for a LOT more than education when it comes to IT. If you have 4 years experience and can demonstrate you have the ability and experience necessary to do the job, I'll hire you over someone that spent 4 years at Uni.
Want my advice? Get some experience on an IT Help Desk. Government work is best. Work hard and be good at that for a year and then move onto Desktop Support. Once you have 2 - 4 years in IT Support and some specialisation certificates (CCNA for example), you'll be making a lot more than your uni graduate mates!
Part of the problem I find these days with the Y-gens is they just want easy money and think IT is a way to do it. It's not. You need to love what you do. The more you love your work and dedicate yourself to it, put in the hard yards and show commitment and good work ethic, the more success and satisfaction you will achieve. Follow the money, and think it's all meant to be easy and you're in for a shock!