Same boat... I applied for CTC and university at the same time. University is not essential in getting this job. I went out to New Zealand on the cadet scheme when I was 18, and type rated and flying the Boeing just as I turned 20, therefore giving up my university placement to go. I have absoloutely no regrets in doing so, as it has got me where I am such early on, however the only bad thing about it is that there is nothing to fall back on if things go pear-shaped.
The decision to go to university will not be a bad one, as Mooney is right, there is no rush - and if you want something to fall back on later on in life...then you have a choice. As jetboy said... job security is not great anywhere in the business.
Best of luck on the application, and hi to all the guys in NZ/BOH!
LC