I have looked into this extensively! I am about to ETS from the Army, though I have my PPL which I got to lessen my time in my final year. I will not use my GI Bill for a degree that I think is pointless. The airlines care less what degree you have. The only reason the "Professional Pilot" degree is there to justify a college having an aviation program. If you were to ever lose your medical and not be able to fly, then a professional pilot degree does nothing for you. Now, I'm not saying this isn't a bad option if you have no other way. I have a few suggestions:

1: Use your GI bill and get a degree that you can use in a more general setting, for the unknown reasons. Furlough, Layoff, Medical. With an aviation degree, if you can't fly.... you have nothing to fall back on. Once you get a degree go do a fast track Part 61 program like ATP flight school and get your flying done. This would require you to pay for it, but paying for things is life. The potential earnings outweigh the initial investment if you're smart with your money.

2: Go to a fast track Part 61 flight school, get all of your ratings done. Then once you are on a line staff at a regional. Start doing online classes and finish up your degree before you're major/legacy eligible. (This is what I'm doing. I paid for my PPL out of pocket to get a leg up whether I went to a college or ATP.) This plan will take diligence to finish your degree while flying line staff. Though, I don't see this as being an issue for me. This plan takes roughly 2 years to get to a regional airline. I think I'll get there under that as I'm going in with almost 150 hours. Then with instructing in Arizona, I don't forsee meeting the 1500 ATP minimums any later than 18-20 months.

3: Attend a college. K-State has a very good polytechnic program that I know quite a few pilots who went through their program. However, UND, Purdue, OU, OSU all are governed by Part 141. They are all very similar. Embry Riddle doesn't follow the Yellow Ribbon program so I'd avoid them. This will take I'd say between 4-6 years before you'd be regional ready from 0 time. Once that's all said and done, consider getting a degree that you can use that is not aviation related, like I've said before.

I made the choice to attend ATP because. I am 33yrs old, with a wife and two kids. I can't justify going to a college flight school and it takes me 3 1/2 years to finish, then acquire a degree I don't feel is necessary. Along with trying to complete the 1000hrs R-ATP requirements in that time. With the route I'm choosing I'll already have at least a year to 1 1/2 years of seniortiy at an airline. I already have 50 college credit hours so knocking out a B.S. wouldn't take much out of me.

Just food for thought. My suggestions are not bonafide perfect, nor would they work for everyone. If I were 10 years younger with no kids, I'd go an attend a college and get an engineering/business or something degree. While I paid for flight school. Good luck!