Hi Rikesh.
From your 3 options, personally I would choose number 3!
Having a degree to 'fall back on' is a very wise move in the current climate. As for the choice of what subject, think very carefully! I feel as though I was pressured into choosing the course I took from several directions. Had I been strong enough at the time to resist, I believe I would have chosen differently. Regardless, I did not enjoy my time, which was reflected in my grades and ultimatley concluded in me cutting my studies short to persue other avenues. A few years later I am about to start an integrated course with nothing but experience in an industry I hate behind me - Such is my desire and will power to succeed now I am doing something that I want to do!
The point I am trying to make with the above waffel, is that it may be a 'micky mouse course' (Ive heard that phrase a lot!) but if it is a field you are pasionate about and have an interest in - it doesnt matter! The only disadvantge is that you are setting yourself into a niche career, rather than a Maths grad, or Mechanical Engineer
grad who can then work in any one of a number of fields.
Chose the course YOU want to do. Its your time spent studying and its your life to live!
As far as I am aware, CTC are pretty unique with their 'Wings' scheme, and just to be clear, you dont pay back the training costs. Your employing airline will do that - but you will be 'bonded' to them for several years at a lower salary (they keep that bit quiet). Despite that, it is a very lucrative deal, and as such, attracts a lot of interest - ie, they can afford to only pick the cream of the crop!
I hope to have answered some of your questions.