You don't need a degree to fly for anything other than a Major. A degree is probably worthless to airlines, but it's just a way to lessen the application load now that it's competitive. One guy in my FBO who hadn't stepped in a college class ever just got hired at a pretty good regional. As far as your second question, you have to suck it up and instruct, it might seem daunting at first but once you get past a few hundred hours you will feel confident enought to teach others. Think about it you can teach someone how to drive, can't you? Same goes with flying.