Hi Susan,
I haven't documented degrees yet in Totara, but I've been thinking about tackling this one soon. My plan is to use 'Other Evidence' and in the Evidence Type field select the qualitification type, i.e. Degree, Certificate, etc. This field can be pre-populated with the relevant types you require. You can then use the 'Other Evidence' report to view the data. Using 'Other Evidence' saves you from having to setup a basic course shell to capture completion, but I guess it comes down to the requirements of your organisation.
For quals that require renewal after a period of time, such as First Aid Certificates, I'll be using Certifications.
Hope this helps.
Michelle