ALWAYS have a "Plan B" when you're working for an airline! As long as you're out of work, and can afford the tuition, get the degree!
HOWEVER, I wouldn't get it in such an airline-specific field. If the airlines are laying off, they are unlikely to be hiring more management staff. Find another line of education/work that appeals to you. I had brief careers as a Flight Test Engineer and Software Engineer before I went back to flying...