I disagree completely.
To start with, the degree is the door that opens a lot of jobs. If you want to work in a certain area you need that degree to gain any experience.
Most importantly, the degree will teach you many valuable things that you'll build on in the work place. If you do it the other way around it will be less beneficial more than anything.
A Degree is just a paper, I don't agree with most of the comments I think he should start looking for work. Staying in school has become the 'norm' everyone just goes to school, in these economic times there is no guarantee that you will get a Job just like without a Degree there is no guarantee that you won't get a Job. There are many walking out of schools with all these BA's, MBA's, blah blah and they are unable to get a Job except in tens of thousands in debt in desperate need to pay it off, hoping just hoping that the money they paid towards a school will give them 'middle management'.