I think the elders/overseers of the church should be educated. But I don't equate a seminary or Bible college degree with education.
I've known some Bible college or seminary graduates to teach bizaar things. Some Bible colleges in particular indoctrinate students in the denominations particular doctrines, rather than teaching them to reason deeply and apply scripture.
If we look in the Bible, who 'educated' the elders who pastored the local churches? The apostles educated them by teacing them the Gospel. Paul tells how he spent a lot of time with the elders of Ephesus. II Timothy 2:2 tells of the education method we should be following in the church. Timothy was to take what he had learned, and commit it to faithful men, who would be able to teach others.
Education needs to be taking place in the church. Leaders need to teach other leaders. Congregations of believers need to dig deeply in the word, and not simply listen to a couple of verses and a dozen illustrations to fill up time. Children need to learn the whole Bible, not just a memory verse before making a sling shot.
The Bible college/seminary model has caused a lot of trouble when taken overseas. Often, the people in the village church who are good candidates for eldership, biblically, are overlooked in favor of the young person who went to Bible college. Some parents send their naughty kids to Bible college to straighten them out. They can graduate, with a degree but without meeting up to the biblical qualifications for eldership, and still be put in charge of their spiritual elders.
Knowledge of the word of God and being able to contradict those who speak against it is a requirement for eldership, but the list of requirements focuses on a lot of other lifestyle requirements like ruling one's house well, keeping one's children in line, and developing overall good character.
Churches should be teaching youths and young men how to be good husbands and fathers and rule their house well, and a deep knowledge of the word of God. Then, when they mature enough, many of them will be Biblically qualified church overseers. We don't see the 'professional pastor system' in scripture, where one becomes a pastor by going through some kind of preacher-vocational school. It is healthy for the church to have elders who have worked in regular jobs like the people in the congregation. If we have the occasional scholar of religion (as Paul was) in ministry, that can be a good thing, too.
Peter and John were considered to be unlearned men. By Roman Empire standards, they were probably considered well-educated since they could read. Jews had a high standard of education, teaching their children to read the Torah. By Jewish standards, Peter and John were not the higher educated Jews. They hadn't gone for advanced training in the Law recognized by the Jewish elite. Their Rabbi hadn't gone to any of the 'seminaries' of the day. He must have been an Enigma to them, too. He hadn't gone through their educational system but knew all the material better than they did, and was able to put them to shame when He argued with them.
Pastors need to be educated in the things of God. But we also have to keep in mind that some churches are in villages and communities in which none of the members are well-educated by secular standards. The Biblical pattern is for elders to be raised up from within their own church. The requirement to have highly educated preachers who went to school can hinder the development of a local church, causing dependancy on foreignors or members of other ethnic groups who are more educated, or else creating an unbiblical system of church eldership in which young people are sent away to be elders over their true physical and spiritual elders.
Btw, I live in Indonesia, so I am looking at this from a different perspective.
