greyb33,
Have you found somewhere that accepts just the AS for an engineering course, It used to be the full A Level was a pre-requisite.
University is great for many things and in the current climate is a fantastic idea given the likelihood of getting a job on graduation from an FTO is fairly slim right now.
Maurice,
Whilst I don't wish to contradict you too much and I whole heatedly agree that a degree is a good thing, the ATPL lessons go no further than GCSE/A-Level physics, and very basic Math.
Insofar as getting a RHS job, the Degree MAY help at initial screening but I highly doubt it (I got the job without one). What you actually need at the moment is a LOT of patience, the willingness to look outside the UK and have several thousand hours on type or a few thousand Euros to give to FR.
To be clear a degree is not a pre-requisite for employment - a licence is.
(But still go and get the degree - I left early and am completing mine via distance learning - thankfully it worked out well for me and I still got a couple of years of uni life which I wouldn't trade for anything!)
Best of luck!