Honestly I think this line is total bunk. I'm quite sure hiring managers believe it to be true - many jobs that don't actually need you to have completed any degree to do the work still require one to get hired - but in my experience, people who haven't completed college are more likely to be willing to put in long hours, while those who have tend to expect/demand more time off. [Not that wanting time off is a bad thing, I just don't think it should be doled out based on whether your parents could afford to put you through school.]