Bit of clarity on how it works over in the US please?
In the UK you start your degree. It is assumed to be an honours degree provided you meet certain criteria (ie. not failing). Each year is split up in to two Semesters (3 actually, but only 2 are for teaching). And in each Semester you have to gain +120 Credit Points. You get Credit Points by enrolling in different Modules. A Module is worth 10 to 40 credit points depending on how difficult / time-consuming it is thought to be.
So, in my First and Second years, I studied modules in Geology, Archaeology, Anthropology, Marine Law, Computer Science (Ruby/Networking on Rails etc), GIS Mapping techniques, Cartography. This was on top of the 2 or 3 modules which were compulsory for Geography students, which I am.
Now in Third year, I have a wider selection of modules, but they are all relating to Geography. So, in this first semester (half) of Third Year I am doing a research and theory course about Geography, Transport Geography, and Planning Methods and Appraisals.
If all goes well, in my 4th year I will write a dissertation, 10,000 to 25,000 words on any subject of my choosing. Once this has been submitted, marked, remarked, checked and validated. I will get my degree. Degree's range from scoring like so:
1-1 First Honours
2-1 Second Class Honours
2-2 Lower Second Honours
3-3 Third Class Honours
Fail, no Degree.
Basically, anything less than a 2-1 is considered a failure. Most employers, in fact, all employers who seek employees with a degree, will require a 2-1 minimum. There are just so many graduates each year that employers can afford to be picky.
Take this example, a graduate entry-level job working in the field of GIS (Geographical Information Systems), which is basically Databases meet Google Earth and are applied in anything from prospecting for Oil/minerals to building new housing complexes. Minimum requirements to get this job are the 1-1 (best of your class) degree. But, on top of this, they look for experiencing using ArcGIS (the industry standard software), and also, knowledge about Java, Python, C++ and working with relational databases.... Your university degree only ticks one of your boxes. You need to physically make an effort to pick up the other skills if you want this job badly. And even then, the job only pays £20,000 a year. Which is on the very low end of graduate pay grades.
As I mentioned before, if you fail or just don't work hard enough, your degree becomes normal. As in, not Honours. You don't do a dissertation and you finish after 3 years. Your degree will simply be BSc Geography, or MA History of Art. As opposed to BSc Hons Geography or MA Hons History of Art. This is worse than getting a 3-3 degree.
Then again, most students need to go on to undertake a Post-Graduate degree to further specialise themselves. These post-graduate degrees take 1 year to complete and are really difficult. So, for example, I might do my dissertation on "Applying GIS to the transport sector account for behavioural chance and decision making across modal splitting" - which is a pretty hard question and hasn't been done before so you get extra marks for originality... Then I would have to go on to do a Post Graduate degree in say C programming, or a lengthy course learning Python, Java, C, and as many other programming languages as I could.
None.