You're absolutely right! WHY? There are less expensive ways of getting what you want or need. There are a lot of students that graduate from ERAU owing over 100K for what could have been achieved for a half the cost! If an Embry-Riddle degree is what you want you should look into their extended campus or online studies. The tuition is only about a third of the cost of attending the campus. Also, flight training can be completed at a reduced price by attending a prfessional pilot program (ATP, Inc. has an great program), and coverting your earned certificates and rating into college credit. Embry-Riddle will award up to 36 credit hours to pilots holding a flight instructor certificate! That's your first year of college free! Then take college classes at your local community college (while taking online or extended campus classes) to transfer in. After completeing the ten required classes for residency, bingo! Your an Embry-Riddle graduate and professional pilot! And youv'e done it a whole lot faster!
Extended campus classes run about 9 weeks and distance learning classes are basically as fast as you can do them (you are given 15 weeks to finish). A lot of us have done it/are doing it this way.
Bottom line is this, it does not matter where your certificates, ratings and education comes from, as long as you have it.