Well, 8 hours ago I wrote an answer and I hit a key that made it all disappear. Grrr... So I guess I'll try once more.
I do think that higher level formal education makes a better parent. Plenty of other posters on here scoff at that and are offended by the notion. To each her own, in terms of opinon. We can argue both sides of the coin all day long if we want to. But when it comes down to it, statistics will bear out that kids in families with educated parents do better. And all of our "opinions" on the subject just don't matter.
Decades past, so many women went to college only to get their "MRS." degree. Once they met their husband, that was it. Some dropped out of school to get married and most stayed at home. It wasn't about getting an education - it was about landing a husband. Most on this site aren't old enough to know about this personally, but your mothers might be in this camp.
Times change, many women need to work and have a career, and women no longer go to college to find a husband. They have higher aspirations than that. And they learn and study and work and marry and have kids. Some stay at home once the kids come, and some balance work and home.
My MIL, who finished 2 years of college before marrying, told me that she was glad that she had kids when she was "young and stupid" because she didn't know yet at that point that parents could screw up their kids. She did a good job with her children. She was smart and educated, even with only 2 years of college. She was educated by a pretty much single mom because education was valued. And she passed that on to her children. All her children have college degrees, and some have gone on to get masters degrees. When you show your children you care about education, it makes a huge difference.
Gamma's post tells an important story. I know not everyone likes it, but if you had the experience that Gamma's friend has, you'd understand it better. My own mother has the exact same experience as Gamma's friend. The kids came to school because that's usually the only place they got to eat - breakfast and lunch. Those kids WANTED to come to school because that's the only place they knew they'd get meals. And they were always trying hug my mom. She instituted hug time once a day because otherwise, she wouldn't get much work done. She felt that no one at home hugged them.
Mom had two little girls in her class who were smart, and the girl's uneducated mother volunteered in the school around her minimum wage job. (Most of those moms didn't do any volunteering.) Though she didn't have much education, she did care. However, their poor family circumstances didn't translate into success for her girls. My mom has kept up with them even up until now. They got pregnant and dropped out of high school, the fathers of the babies did not marry them, they work minimum wage jobs and barely make ends meet. I have sent my kids' hand-me-downs to them since my own kids were little - sometimes what my mom took down to them from me was all they would have for Christmas. They'd be in a house with no heat other than a kerosene heater, sleeping on the floor, no toilet paper, and no water. Just awful.
Personally, I'm grateful as a woman today that women who have a college degree and start a career are having children. It's a different day and age than when women usually started having families right out of high school. And yes, high school grads who start having babies early can be good moms, even today. Mostly, I think, because their moms were good moms. But women who wait until they have finished school, have at least some college under their belts, have some security with a partner who has a job, have an easier time raising children. And they have more life experience and more wisdom. Mind you, we all learn our "mothering job" by doing, but it's easier when we are more grown up, more mature.
Of course, we all know highly educated parents whose kids are spoiled brats and rule the roost. There are are no absolutes when you are talking about a huge group of families. And we know kids who grow up with absent fathers and poor moms who end up pulling out of abject poverty and being very successful.
So what's the bottom line? Yeah, uneducated parenting can be successful. Many of us here on MP can atest to that. But, overall, the more we educate ourselves and the more we educate our children, the better off we are and the better off society is. The statistics bear this out.