Let me put a different spin on this, since I have come from both camps.
It is not REQUIRED that anyone have a degree to preach the gospel. Its actually not a requirement to have degrees to be a pastor (this is an artificial requirement invented by organizations). You can start your own church without a degree.
While I acknowledge that the work of God can be done without a formal education, I am fairly leery of those without one. Why? Because it has been my practical experience that it will be those without the formal training in hermeneutics and exegesis that will make the most mistakes. I have heard the most horrendous things come out of people's mouths in pulpits and on the radio. Strange doctrines that are invented based on one or two verses.
If these individuals knew how to rightly divide the word these pronouncements and doctrines would never exist. No one is entitled to interpret or make pronouncements from Scripture just anything that they imagine. There are rules for interpretation. Unfortunately, the odds of you learning these rules at your church or on your own are very low.
When people point out those like Moody, Ravenhill, etc etc, they are omitting something very important. These men spent hours in study and prayer. They were ardent readers, and devoured the Word, as well as made practical application of it. I haven't found too many modern people willing or able to do that. These men also had other men who mentored them.
I also have a problem with those who broadly sweep all bible colleges and seminaries together and call them "apostate." I served under a pastor when I first was called to the ministry who was a high school drop out and had no formal education past that. He discouraged me from seeking formal education, saying it would "ruin me" because of the false teachings I would be introduced to. As it ends up, it was HE who ruined me. I listened to him and I didn't go to school. Years later, when I did go to bible college, I found out that it was that church that had false teachings. (Lack of education on the part of the congregation is also a way to have control over them.) That pastor later lost his ministry and his marriage over his strange ideas.
If you have the discipline, drive and the proper mentors to train you up in the ministry, then by all means, you can skip formal education. But if you don't have those three things, then it doesn't hurt to sit at the feet of someone else.
The church, almost has a whole, has failed to educate those in the pews. If the church was doing its job, there would be no need to have bible colleges/seminaries. You would be mentored at your home church by your pastor (which is the NT example). However, since expectations at most churches are very low, if you want to learn more in depth, you have to go somewhere else.
That's my take on it anyway.
