I have a degree in Comm Arts with a concentration in design.
Let me tell you right now that print is dieing, so study web (RGB for life!, you CMYKers can suck it!

)...if you can design your way out of a paper bag and code HTML/CSS decently well, you'll always have work as a designer, a developer or both. Check out
CSS Zen Garden and start reading
http://alistapart.com
I primarily work as a Web Developer right now, a coding job opened up for me right out of school and I took it, my design portfolio stagnated and I found much better paying jobs by learning some
Js and PHP and becoming a full time dev...I have 6 years in web (3 out of school) and I'm making money outside of Peledog's range there, because I bought an AJAX book at borders.
I still design on the side because I enjoy it but Dev is a hotter market right now (3 years ago designers made more, now it's really shifting as flash has begun taking it's nose dive and fancy
JS driven sites, mobile C# stuff and PHP driven social media take off)
Freelance is a female dog, it would be great to never leave my bedroom but there are no clients in my bedroom, and you don't meet clients from your bedroom (unless they are really creepy clients). You have to know people before you can go into freelance, you'll also have a hell of a time getting paid for anything you do and keeping you clients demands inline with initial goals...you also don't get health insurance from your bedroom...and sometimes there will be so little work that you might get kicked out of your bedroom and have to go live in your old bedroom (the one at mom's house with the race car bed).
However almost everyone I know working corporate has freelance gigs on the side for extra dough (myself included)...I know a guy who got his kids free karate lessons for life by designing a website

You just need to go out and work and if you are good enough other people at work will start asking you to do things they can't for money.
Also you need to account for location...you wanna design you need to be in NY or LA, where the marketing industry is.
Lastly I've worked with some
really crappy designers, you don't have to be the best you just have to know people.
Ps.
This is me BTW
...One last word of advice...design is like music... if you keep trying to be Yoko and re-invent the wheel every time your designs are going to suck (I know people like this, their work is hideousness and non-nonsensical), every good design is a conscious or subconscious copy of other things the designer has seen, made to fit within the current project. Stick to 1-4-5 at first and throw a fill in there every once in awhile and you will do alright...and like in music you have a style you need to find, I used to work with about 10 designers and I could tell who did a site without looking it up just because of things like font choice, spacing, color choice, gradient use, texture use, key element placement...