jt,
I'm sorry, but talking about 2:1 and 2:2 and "three degree" falls on deaf ears with me. I'm an American and don't know what you're talking about other than those numbers relate to someone's grades. If your uni says people with higher grades have a better shot at getting a teaching job here, I'd say they need to show the data. I don't believe it. Been here 20 years, too.
Sorry, this is addressed to me, but you seem to be conflating my post and the OP's. (I am also originally from the States and those numbers are completely arcane to me. I would also agree that university grades in no way correlate to one's earning potential Japanese.)
Now, you said your translator colleagues got "decent pay". Don't leave us hanging. What did they get, was it right off the bat, what were their hours, etc.?
Again, these are Shutainzu's words, not mine, but I'll elaborate nonetheless. My impression is that in an average eikaiwa position (assuming that you're not a supervisor or corporate consultant or the like), you could expect to earn 300万 a year—if that— which would (at least in Tokyo, your mileage may vary in more rural areas) constitute barely a living wage. The salaries of my colleagues and I—many of whom have families and homes—are not particularly comparable to that. Mind you, most of us have upwards of ten years' experience in the industry at this point, and by no means am I implying that someone could step off the boat with a college degree and straight into a lucrative translation gig. I simply wanted to make the point that a career as a translator can be potentially quite rewarding (both financially and academically), and is hardly a dead-end field essentially indistinguishable from eikaiwa, which is how I took your original comment (again, my apologies if I was misinterpreting).
My advice to the OP, if you're truly interested in pursuing a career as a translator (which I would certainly recommend over teaching eikaiwa if you've gone out of your way to study the language), would be that you need to:
(1) Truly master Japanese. Having a degree with good grades means nothing. You have to be able to read native-language materials in your field with essentially 100% comprehension and minimal reliance on dictionaries.
(2) Have impeccable writing skills in your native language. Being a native speaker isn't enough. If you're translating academic papers, you need to have skills such that you'd be able to produce a paper on the same topic in your native language. If you're translating manga, you'd have to be able to write a comic book in your own language, and so forth.
(3) Following from the above, find a field (or fields) that you enjoy, and master it. Just having a general knowledge of Japanese isn't going to get you very far. The more specialized knowledge you have, the more likely you'll be able to find clients who will pay well for _your_ services, rather than just going to the lowest bidder.
I would also add that being able to speak Japanese at a near-native level, so that you're able to go out and connect with people and build close working and personal relationships will also get you a long way, especially if you're living in Japan.
This might sound intimidating, and I wouldn't expect anyone to be at this level fresh out of university (I certainly wasn't). But it's definitely the level you want to aim for if you hope to make a living from it. Good luck!