Spielberg began work on his degree back in 1965, when he enrolled at Long Beach after being turned down by other film programs (notably USC's). He dropped out in 1969 to begin his career as a really rich and powerful person.
Most of Spielberg's old professors were dead or retired by the time he returned to classes, and ironically he ended up working with younger professors, some of whom who actually learned their craft by studying his works
Didn't he get rejected more than once from USC, then when he started making big movies he ended up donating money to their cinematography division? If I were him I'd still try to apply and then see what their answer is.