Quoted: I would presume that it depends on what the degree is - engineering for the combat engineers, RN for the medics.
But, does simply the fact of having a four-year degree give you an "edge"? (i.e., if an individual with a finance degree wanted to join the infantry)
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A four-year degree, depending on the field and your GPA, would allow you to skip the enlisted ranks altogether and go straight to OCS...or you can participate in ROTC at the university (provided your school has one). Enlistment is NOT a pre-requisite for an officer commission.
The best you'll be able to do out of basic is probably E3, but, hell, participating in HS ROTC will get you that!
If I had it to do over again I would have gotten a degree right out of HS and went for a commission...it's night vs day the difference between officer and enlisted, plus the pay is WAAAAY better for officers. Skip "basic" and go straight for OCS/ROTC...