I am a Riddle Grad...Under grad....and Post Grad. A college degree does not offer you immunity to furlough in this industry. I was furloughed. What a degree offers you is choices when you do find yourself furloughed. I ended up as the Program Director of Aviation at a small two year college in Colorado. It is Colorado Northwestern Community College. If you have VA benefits....chances are, you will use all of that up on flight courses. That is OK.
To finish a four year...expect that you will have to find a little more money. So, if you are interested in geting your degree/flight certificates...consider looking at some two year schools. Cochise Community College, Pima Community College, Jamestown Community College, and a few more two years offer quality programs in Aeronautics. Part of the Curriculum is flight....which means that you are completing course credits as you fly. Parts of the degree are the dreaded Gen Eds...English, Math, Social Sciences....etc.
So what you do is....earn your two year as fast as you can.....and try to work you way into a CFI job upon graduation. You will need some sort of job to build hours. Most schools prefer to hire their graduates...they have seen them perform. At a larger school like ERAU, it is impossible to hire every graduate.....something like a 1000 graduates....and less that 50 CFI jobs.
While you are building time as an instructor, take online classes, or night classes if you find yourself in a larger city with a four year school, and work towards a four year degree in something completely different from aviation. A major, or legacy, airline usually requires a four year degree....so work toward earning one. Just give yourself a backup, in something different, if you find yourself in a situation like a furlough. I mention furlough because, statistically speaking, you will be furloughed at least once in your career. But there are mergers, bankruptcy, medical issues, and liquidation in this field. It might be better to get a business degree, and move into a management position if something happens. Better than being unemployed!
So, if you follow this plan....you will probably spend about $45000 on flight training, $20000 on tuition (two year)...another $10-15000 on another two years of tuition......but you will working at the same time...perhaps paying as you go for some of the tuition (VA helps alot). When you finally earn your four year....you have a backup plan, and you have 1500 flight hours! You are ready to jump into the airlines with both feet. You counterpart at ERAU will be fighting for his/her first CFI job...and will be wrestling with $200-$250,000 is debt.
And when you get your first job at the airlines.....don't expect more than $20-$25,000 a year initially. Makes more sense to do thigs as cheap as possible.
If you want any more information on two year degrees....just go to CNCC.edu.....look at Aviation Technology. If you have anymore questions...feel free to contact me.....even if you are not interested in the school, I can point you in the right direction.
Take it from me....getting into debt is never fun, but in this industry it can be a death sentence for a couple of decades. I am an ERAU grad....I recommend the classes....full of great info with great teachers. But the flight training was never the best money could buy! I have worked at two part 121 Airlines, and I can share some knowledge and experience. Just give me an e-mail (usually best)....and I will give you whatever advise you may want.