You don't absolutely need a photojournalism degree - if you have the talent and the vision, you don't need any kind of degree to be a successful photojournalist.
Now, that's not to say a degree in photojournalism or journalism wouldn't help, or that the training you could get at a great PJ school wouldn't be a major asset. If you can afford it without killing yourself with debt, there are plenty of great schools out there who can help hone your craft - Ohio University, University of Missouri, Western Kentucky University, RIT, Brooks, just to name a few.
As far as after school's over, it might not be the absolute best job path. It's a tough career, with somewhat shrinking prospects, given the declining circulation of newspapewrs and the shift toward freelancers and other people willing to give away photos for a byline.
If your photos are great, though, and you can find a good staff job or figure out a niche to freelance, you can turn it into a great career - but a lot of it depends on how much effort and time and talent you have to put in.