This is an interesting topic everyone. I have 2 years of college behind me and I am thinking that after I get my MEI that I will finish going to college during the time I am instructing. I decided to take a break in college for the reason to figure out what I really want to get my degree in. I think I will try to get something in business or communications that isn't realated to aviation for the reason of falling back onto something.
But with my small amount of aviation experience I would guess that it is probably similar to any business that you try to get a job for. It is going to be different for everyone. If you are an accountant and look through the classifeds most of them say they require a Bachelors degree in accounting or 5-6 six years experience in a related field. To me that seems similar to having a degree or having more hours than the guy with the degree. And I have heard that experience is always going to have more weight than anything you learn in a classroom.But thats why they have interviews, heck you may even get a job because the hiring pilot likes you better, you had a better interview than the other guy with a degree from a Big 4 year university, or it is your dad's best friend (that would be nice).
I also know of programs that are offered at CAL State schools where you do all of your course work at home and at your own pace. You just show up to take tests and turn in papers once or twice a semester and you get the same degree as the guy who sat in class everyday. You just email the professor to set up a time to take your tests. So yeah you would have to live in the vicinity of the college and have a couple free days but I think its a very happy median between full online schools and 4 year universitys. In fact you even get to walk in graduation with all of the other full time students (not that it matters). So your degree wouldnt be from Phoenix Online College but it would be from San Diego State or whatever "real" university it may be.
Just my two cents :bandit: