Since all other things are equal, the solution is simple. The person with the degree is more likely to have student loan debt, so a salary of X dollars per year will go further in the case of the one without the debt. The person with the debt is more likely to require more money for the same level of satisfaction.
The one that went to uni probably got laid a lot more, too. So as they're working in an office space with no women and possibly not meeting any women on the side, they are less likely to have a social crisis when they're working their 60th hour of the week.
Also everybody else would choose the degree candidate so you have no competion for the other, you are likely to get them for less money and they will be more loyal.
However I suspect there is very little rationality in hiring, even amongst this community.
All other things being equal, of course.