Lots of great responses here but I wanted to add mine since this is something all of us non-degree'ers reflect on a lot. There's the first insight - it comes up a lot over the years.

I didn't exactly drop out but I got a summer job between high school and my first semester and by the first day of classes I'd agreed to move across the country with the company that'd hired me. That was about fifteen years ago. I've accumulated a few college credits here and there since then and even took a full course load of (online, community college) classes for a semester, definitely nowhere near a degree though.

I've been everything from a low-level developer to an upper middle manager (as well as a co-founder) at small startups, mid-range enterprises and one Fortune 50 and what I've figured out at this point is that my lack of a degree can and will hold me back at times, but it frames my experience and motivations in ways that help me explain and even justify who I am in the world. (Nobody special - but it's my choice!)

The biggest negative impact, as many people have mentioned here, is the HR/Bschool-driven hiring process that virtually any established company has. Your resume will be algorithmically removed from generic candidate-pool searches. Your salary range will be capped lower than other people's. You may be offered a position, you may even work at a position for a goodly amount of time, and at some point your lack of "credentials" may cost you salary or even your position, either by way of an acquirer opting not to hire you on, or your position being eliminated and the only remaining positions requiring credentials you do not have.

So you're working harder to find jobs, getting paid less once you find them, you have no alumni network to milk, and if you know how to market these facts (to yourself as well as others) you've got a pretty good story about your dedication to your career, or your family, or whatever it was and is that keeps you from pursuing a degree. That's how I comfort myself at least.

My story is a pretty easy sell generally as far as interview discussions go - I ran a consulting company in high school that was by no means wildly successful but kept me busy when I wanted to be, the startup I took that summer job with seemed like a fun laid back place to get a little more experience before school started, and things just naturally took off for the company... that eventually was acquired, its acquirer went bankrupt, got bought a few more times, and its husk is still around somewhere. I was one of the first people laid off when the bankruptcy was announced. I was one of the youngest employees, I didn't contribute as much as my (slightly) older, (slightly) more experienced, (slightly) more tenured teammates. It was a good decision, whether that's what lead to it or not - both for me and for the company. The people I worked with there are amazing, they've gone on to do amazing things since then, and not a day goes by I'm not grateful for having gotten to work with them. Mad props to jeffiel, thuddwhir, beans and that whole crew for being my "college" experience.

The good news? I feel that way about every single team I've worked with since then. I've worked with amazing people, all of whom I chose to work for because I liked them and what they were doing, not because I felt like I needed the job or that it was the right career move. At some level they all took a chance on me no matter whether I came to them as an a bright-eyed kid or a battle-hardened street fighter. I'm always conscious of that, and I feel it serves me well in making the kind of connections that suit me personally.

The really good news though? No matter what you tell yourself it's never too late to go back and get a degree. The value may diminish over the years but at any point along the road, even if you have to go completely bankrupt and shed a lot of the responsibility you become used to, you can go back to school and leap back into the workforce if you choose.

Or better yet.. Not jump back into the workforce! There's really nothing better in life than making your own success without a care in the world for what other people think of you, your credentials, your history, whatever. Your success is ultimately your own to make. If a degree gives you the kick-start you need, great. If not - school will be there if you ever want it.