"So your degree could actually cos you +/- £312000 in the long run."
Sorry to sound like a crusty old hippy, but there is more to life than money. Plus if the worst happens and you lose your class 1 and you don't have a bit of an insurance policy (like a backup degree) you also stand to lose three years or more at captain salary.
I've been at uni for nearly ten years, I did a batchelors in the UK then came to the US to do a Masters and PhD, the last two were completely paid for, I get a salary (thanks US taxpayer!) and I get to do exciting fieldwork like flying over the African Sahel at 500ft in BAe 146 (albeit not up front). I'm finishing up my final degree and there are a number of options open to me, including chasing the pilot dream (I'll get there some day!). It's a cliche but I feel I am rich in everything except money.
To put the stinky hippy hat back on: don't get so focussed on the destination that you miss the journey. I know airline pilots like to moan, but aside from the ever present big watches the industry doesn't seem as the same these days as when most of us started dreaming. Work hard, but enjoy yourselves.
Gareth.