A college degree shows that you can apply yourself and finish what you start. More importantly, in times of pilot surpluses, it is one more way to screen out a few applicants.
If you can get hired without a college degree, then working on an online degree program may be a viable option. The big question is whether you have the drive to do so. Do you want to spend your layovers and off time working on lessons while your friends, family, and crewmembers are having a good time? It isn't for everyone. Some people need more structure.
I have to agree that having a college degree doesn't necessarily help in a furlough. Most jobs have continuing education requirements to stay competitive, if not to stay legal. If you aren't active in the field, your knowledge can go stale quickly. When I was furloughed, I looked outside aviation, but sales jobs were about all I could find.
I agree with Goose. I like to learn for the sake of learning. I'm not sure I'll ever go for an advanced degree though. Degrees are expensive and in aviation, unless you want to go to management, they don't really give much of a return on your investment. I'll probably just pursue knowledge on my layovers and long flights by reading a lot of nonfiction. I'm partial to history.
If you really want an online degree, check out
www.affordabledegrees.com. You don't have to put in in pesky study time and you can even graduate summa cum laude for $90 extra!