If I may just add a little to that...
The management now realize that choosing a highly educated person does not neccesarily make a better pilot. In fact, they're quite disappointed with the current generation of co-pilots (almost all degree holders) for their lack of passion/interest in aviation. These are some of the grouses I have heard from them during beer talk;
1.
When given a handling sector, they (the FOs) prefer to let the autopilot do all the flying. Hand flying is done at best from below 2000 ft, after the aircraft is fully configured. Hardly any FOs voluntarily hand fly from 10 000 ft, even when the weather is CAVOK (Ceiling And Visibility OK, if you really must know)
Back in the old days, FOs ask to hand fly from top of descent (i.e. 35000 ft)!
2.
During one of the chief pilot's line flight, during taxiing, ATC cleared them to give way to another aircraft by stating it's aircraft type. The FO had trouble identifying it.
There's a lot more stories but I shall refrain from putting them here cos' it's really unfair to the MAJORITY of the FOs who are really on top of their game and contrary to what the management thinks, they are passionate about their jobs and the aviation industry.
So my point is, it's still a level playing field. They don't really care about your educational background anymore. The new management guys are degree holders too so it's no longer a big deal. What they want to see is the passion.
For example, even if you're a Malaysian with the minimum requirement, but you know how to identify a A320 from a B737, a B767 from a B757, a B772 from a B773, a B773 from a B773ER, you know RR engines have N3 but GE and PW engines have N2 only and you are able to impress these upon them during the interview, I reckon they'll give you the job straight away!
So, don't worry so much about it....just give it a shot!
Oh, and don't be surprised if they start showing you pictures of aircrafts and ask you to identify it!!
Don't panic yet..it's only hearsay