Your skillset is what will determine your pay. I have hired many web developers/designers and honestly, college degree will help you get an interview, but if you have the right skills and can show them than it really is irrelevant to getting the job.
If you can do the programming/development side you will make a lot more, less if you just design and do frontend html/css type stuff. If you can do both, you are golden
Pay can range anywhere from $15 - $30 per hour starting out but unless you have some pretty good skills you are going to definitely be looking at the lower end of that to start out. This is also dictated by where you live, and can vary widely.
If you have some demonstrateable (word?) work, like sites you have done freelance or even if you have done it for yourself, it can be huge and will bump up that possible starting salary.
If you are good and get lots of experience, you can eventually earn a lot of money as a web developer. Freelance for experienced devs can run up to $100/hr and more.