The reason a bank would want you to have a degree is so that if they lend you a **** load of cash and then it all goes tits up for some reason (loss of medical etc etc etc) then the want to see than you will be good for a different career and you'll still be able to make your re-payments. It's always worth applying anyway though. You never know!!
Although why not go to uni anyway. It's a bloody good laugh and if you play your cards right you can fly for next to nothing at the University Air Squadron!! And if you play your cards even better than that you might even land yourself a sponsorship deal whilst at uni and not have to worry so much about borrowing 50k.
I don't think a degree is essential to get a sponsorship from anyone BUT companies often see university as proof of studying capability and as a way to develop some of the skills useful to pilots such as team and communication skills.
Good Luck