College Degree vs. High School Diploma

My topic comes in response to the “Little Pay” entry. I agree that employers are not paying what they should, especially to college graduates.
I obtained my Associates Degree and Bachelor’s Degree, and a friend of mine, who has a high school diploma makes $4,000 more per year. I believe the problem is experience. A high school grad most likely began working full-time post-graduation, which gives them four years of job experience, compared to a college grad who begins working full-time after four years in college.
It is difficult to accept a position which pays less than you feel you deserve, but in situations like these, one should weigh the pros and cons: Are there advancement opportunities? How often are raises/bonuses given? If the job is in your field, and the pros outweigh the cons, I would definitely go for it!