Cooldude - If you use the search engine on this forum you will find that the question of a university degree and in what subject has been examined at great length for your colleagues with similar concerns to yourself. The idea of a degree before doing a course of flying training is to give yourself an alternative to flying should you lose that hard won flying job due to redundancy or loss of medical. As I am sure you are aware, both are very real possibilities. Although this degree appears to enable you to continue working in the airline industry should your flying have to cease, there are two problems with it. First, the award of the qualification depends on you achieving an ATPL in a year. With the uncertainties of achieving this goal due to weather and exam re-sits, you may find your financial budget exceeded by a considerable margin. Second, if you lose your job it may be because of the cyclic depression in the aviation industry so there will be no ground aviation jobs available either. Thus if there is another subject that interests you which will enable you to take up a completely alternative career then this is worth serious consideration. I am sure you will have read posts from our honourable moderator about alternatives to a degree which also make a lot of sense. Remember that at most times all an airline will want to offer you a job is a licence and find at interview that their potential first officer is an "interesting" person.
best of luck with your final decision.