Degrees these days....
... or in the past for that matter are no guarantee of competence. It takes way more than a degree to be any use as a programmer.
That's why employers have always looked for a proven track record.
I'm now a consultant, but when I was employed I was part of the company interviewing team for about 7 years, hiring grads through to experienced people.
I never really looked at grades. I really didn't care what the person felt they had learned in university either. University is contrived and is a very poor indicator of your effectiveness as an employee - nobody really works like that. Exams are pretty pointless too for the same reason.
What I tried to judge was whether the person was a self motivated learner and whether they had the humility to be able to be directed effectively. Those mattered more than anything else.
So biggies for me:
1) Did you do any internships? What did you learn there? If you just went on vacation for your summers you're useless to me.
2) Did you contribute to any open source projects? Got a github account? Show me.
3) Does the candidate show that they are learning by themselves beyond what they are spoon fed at university.
I also listen to the words people use. Passive talk is a bad sign. It shows defeatist attitudes. More active words show someone with the tenacity to figure out a problem, debug stuff and take responsibility for their code and their lives:
"I'm hoping somebody will give me a job." - passive loser talk.
"I'm looking for a job." - active talk.
"Something happened and my code stopped working." - err no buddy your code broke because you put a bug in there. Loser.
"I screwed something up and we tried three different ways to fix it" - taking responsibility and tenacity.
"They didn't teach us xxx". Loser talk.
"I used university as a learning opportunity but I also taught myself LISP because it looked interesting". You're hired even though I hate LISP.
I even once had a bloke bring in some code that was hassling him and we debugged it in the interview. The interviewers fixed the interviewee's bug! We hired him - damn good.