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An English degree is a good stepping stone for a master's or PHD. If you can learn how to form a complete sentence and know the difference between "affect" and "effect", you should be able to do whatever you want in life.
I am a English major, actually graduating in a hour, and I'm going to be interning at the state capitol writing speeches and what-not for legislatures. So, I mean that just goes to show what you can do with an English degree. Most of my friends who chose journalism can't find jobs and are looking into a second undergraduate degree.
Just some food for thought. Do what make you happy and not what will make you the most money.
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