A degree will never hurt and could make certain career progress easier but if you are competent, then the effects of not have a degree will be minimized. One thing to consider right now is the economy, tanking job market, and the amount of dept you will have when you complete your degree.
There's also a bit of a twist in the IT industry in that by the time you're done with school, the current state of the art has advanced well beyond what is currently being taught in schools (ignoring, of course, timeless fundamentals that will always be valuable).
It's a harder path to take but consider finding a stable job now and use that to pay for night/weekend classes, which will help avoid accruing a huge debt while gaining real-world experience that most new graduates sorely lack.
As for management, there's more of an emphasis on having a degree for the average manager but the best managers tend to be the ones who are technically competent/experienced than those who went to school to be a manager. I'd also question the choice of CS as the degree for someone who wants to be a manager. The true nature of CS tends to be misunderstood by most people and what they really wanted was to study software engineering or (esp. for managers) software configuration management.