Disclaimer, I'm not an ERAU grad, so I can't say definatively.

However ,this has not been my experience in the interviews I have had or the recruiting people I have spoken with. Those I have talked to are looking for a four year degree from a recognized and accredited school (practically anything with "State" in the name meets this criteria). ERAU does also, but at a VERY high price premium.

It probably also has some bearing on where you are coming into the market - if you are planning on being a puppy mill pilot, then the airlines probably do appreciate you're having gone to a pilot school. I had my ATP before I was hired into the right seat of a 135 jet charter operator, and over 3000 hours before I was hire at a 121 operator, so that makes a difference.

Depending on what congress does, those days may be over. If that turns out to be the case, then I suspect the emphasis will be more on the fact that you have a four year degree and that it's from a good school than that it's from a pilot school. More importantly, get a degree that is in something practical other than aviation - odds are you'll need it at some point.