College is not necessary to be a pilot. Some airlines look for college degrees thinking it is a sign that the person is better at socialization, teamwork and has a broader perspective than the blue collar (union) mentality that airline managers (who have college degrees) look down on.
Isn't it ironic that that the airlines who work the hardest to avoid the "blue collar" mentaility have much worse labor relations than the airlines like SouthWest?
Whether or not a pilot should get a college degree is up to the individual.
The people I see going to really good aviation jobs the fastest (youngest) are folks who got their ratings first. Then got a regional job and began working on their college degree through night school, or distance learning. Almost all of those guys seem to be at a UPS, FedEx, SouthWest, quality major before age 27.
If a pilot has any interest and opportunity to get a college degree, they should. If the pilot has the opportunity to get a degree at Riddle or one of the other high priced schools, they should. Is Riddle a good school? Who cares? The fact is that schools like Riddle allow pilots to make solid connections to people who will help a buddy get hired.
Same thing goes with Harvard and airline management. It is my opinion that Harvard is a very bad school, with way too much emphasis on theoretical management with no practical application. But once you get a Harvard degree, Delta and United seem eager to pay you in excess of $150,000 a year to manage their airline as a consultant.
I think we can all agree that college degrees have nothing to do with the skills necessary to operate an airplane, but, if management's consultants think it is important for you to be educated far beyond your intelligence, then it becomes a de facto job requirement.
Oh and the typical millionaire does not drive Jaguars or Porshes (or spend big bucks on any rapidly depreciating asset)- the most popular vehicle purchased by millionaires is the Ford F150. If you want to be a millionaire simply spend less than you earn and make savings a priority. A great book is the "Millionare Next Door." Once you learn how the majority of millionaires became "rich" you learn it is attainable for you and your family.