I had in my teams people without any college degree or college dropouts, some gave up after one year and some close to graduation. They were good developers, the only difference I saw between college graduates and the other developers was that the college graduates were less flexible and tending to apply what they learned in college to the letter, even where it did not make sense. A few days ago I was talking to one…
I've had the opposite experience working with a mix of uni-attendees and not. Compared to their university-attended coworkers, the straight-to-industry folk were far more likely to cargo cult design patterns, languages, and frameworks.
If your codebase follows a well-recognised style and pattern, it becomes a lot easier for new hires or contractors to get on their feet and start productive work than if you have some kind of brilliant idiosyncratic codebase that takes 3 months for a new hire to get their head around (as was the case when I joined my current company).