1. If you aren't doing an internship or working a job that's related to your field (like doing systems administration / development for the college or a local company), you are behind, even if you are on the Dean's List. These days, employers seem to be able to find enough people who have done something parallel to their education, so if you don't you will look just as inexperienced as if you had no degree at all. The bar got raised and it's possible no one has told you.
2. I am probably biased towards the job market in my area, but hardly anyone wants entry level, and as I said above, no one wants "ground level" (just a degree) unless you are gunning for a helpdesk / PC tech position. I figure this is because the hiring pool of experienced IT workers is large enough and their quality versus fresh recruits better enough that they feel they don't need to look for junior staff that they plan on training.
3. As others have said, you will only really use a small set of the skills you learned in school. Work will remind you more of your job / internship / side projects you had during college. This is probably why employers scoff at degree-only graduates.
4. All of this advice is of course just my personal experience, and many employers probably have different beliefs.