How much should a graphic designer with about two years experience charge per hour?

Does it matter if they have formal schooling? Is there any difference between someone with 1.5 years experince who is in design school and works in the industry and some one with 2.5 years who just works in the industry?

Answer:
I am in Washington DC, and one graphic designer that I am working with charges $95/hour (she is based in Iowa) and another charges $50/hour.

I suggest you check the rates of the other designers (call them and pretend you're a potential client). You don't want to underprice yourself and charge $20/hour when others are charging $95 per hour. Yet you don't want to overprice yourself out of the market.
20 an hour
Job pay is kinda like real estate prices > location, location, location ! Are you in Ohio or San Francisco ? Are you working for a fortune 500 company or a mom & pop ?
Experience is only part of the equation & you didn't give us the main factors.

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