Hmm.
Ok. Well, what you need to weigh up is the cost of conversion. Yes a ME licence isn't accepted but you'd have to convert any licence to a European one.
There are a lot of "ifs" but many of us have been there. I did my conversion in 2001-2002. Not exactly the best time in European aviation...
You're the one who has to ask him/herself what the risk/benefits are. I can't answer it as I am not you.
By doing this scheme you're out of pocket a bit but it seems to me you get some sort of licence and maybe a job. Then if you want to convert it to a EASA/JAA one you'll need to do the 14 exams etc. Life will be easier if you can get a flying job and some experience before converting.
By not doing this scheme you'll be continuing with uni? If you continue presumably you'll get a job doing whatever. Then you can decide whether or not you want to train either full time or part time?
As I've said before, the full time/part time argument is another discussion. Depending on what European country you're in will determine the likelihood of gaining "jet" employment post training. (i.e. low houred)
There's not a lot of movement at the moment for low houred pilots in Europe and you're in your early 20s. There is no rush.
There is also no guarantee about aviation jobs. I can't say to you "do this path and you'll be a captain of a jet in no time at all". It doesn't work that way.