First of all, there is never such a thing as being over educated. I think it is a very good idea especially if you are a pilot, cause just incase something happens (eg. medical) you will always have a solid foundation to fall on.
I am at EY and know a few pilots with Embry-Riddle education including myself. As a matter of fact, my neigbour is doing his Masters online through Riddle at this time.
Cheers