Well, my undergraduate degree is in civil engineering, and my graduate work was in geotechnical engineering, and I'm sure none of that helped me one whit in landing my first contract. The only time I think it would matter is if you're writing non-fiction, or if your degree is directly related to what you're writing (i.e., you hold a degree in theoretical physics and are writing an SF book that deals with that). I would think graduating from a writing program like Clarion would mean more than having a degree.
In short, I wouldn't worry about it. You don't have to have a college education to write well (and, in fact, having a literature degree can work against you in that respect, because you learn to write things that "have literary merit" as opposed to things people actually want to read), or to sell what you write.
-- Marcy