Rank in the military is not dependent only on education.
To become an officer requires attending the military college for officers.
Requirements are quite stiff.
You could sign up to be a foot soldier without trouble though.
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After complete of the Officers Candidate School, the rank would be Second Lieutenant.
Having a degree has no bearing on pay. It is based on the rank and the number of years of service. The Military Pay scale is the same across all of the services.