I am a Western Michigan graduate but did not go through the aviation program. When I got there in 93 I already had my CFI and II, as well as a single engine ATP and probably about 2000 hrs of flight time. I did everything at a part 91 school for under 10K and never initially got a degree. Started knocking on doors for a job and was shot down with no degree; hence, I "went back to school."
When I attempted to "transfer" my flight ratings in (to the aviation program) and get the ME, MEI, and multi engine ATP they told me I would need to re-fly everything and pay for all those credits. Not being able to afford that, I got a psychology degree and a flight instructing job at two schools outside of the university.
Not graduating from an aviation program did not impact my ability to later get a job flying freight, which led to a regional, which led to a fractional. That psychology degree (and graduate studies) allowed me to earn extra income as a CRM facilitator, conference speaker, safety author, human factors consultant, etc.
I love my alma matter but the aviation program is quite expensive and the ROI might not justify the cost.