Check the dates!
Tony, the original poster started this thread in 2007. I think he's probably done with uni by now. Then ProWannabe started it again in 2009.
FS, how academic are you? On all accounts av engineering is hard stuff. I know a few people who have struggled through the course and just as many who have given up half way through.
If I was in your position I would find a job where you can earn a respectable amount of cash, perhaps get a trade or commercial experience. WWW mentioned how if he was to lose his job as an airline pilot that he would start his own business as a degree doesn't necessarily offer you the redundancy most think it does, consider this as some degrees are more desirable than others to employers. Even though you want to become an airline pilot, a degree in aviation management with pilot studies might not be the best one for you. Personally, I would have studied pure business or geography as I have a honest interest in these subjects (I don't have a degree yet).
The trouble with university is that almost everybody has a degree these days, even still, not having one won't stop you from getting a pilot job when you are older. I tend to disagree these days when people say "if two pilots go for a job, one has a degree and the other doesn't - the one with the degree will get the job". Assessment takes into consideration more than just academic qualifications. You might have degree in physics but fly like crap. Also, you don't have to go to university to become wise to the world and 'grow up' like everyone mentions on here.