I have an unusual interview style that has served me well over the past decade. First, I don't put much weight on résumés except to look for a few telltale signs: Have the candidates jumped around from job to job and industry to industry? Or do they join businesses and stay? This is important because turnover is costly to an organization.
To me, education level comes into play only when candidates haven't had more than five years of job experience. After that, where they went to school and what they did there matter significantly less (personally, I hold only a high school diploma). Also, the more lofty a candidate's alma mater, the more likely it is that the person will expect to get promoted quickly -- either internally or to another company. Of course, education does matter for positions that require a background in, say, science or law.