A four year degree is required by some airlines, mostly the major ones. The entry level into a regional first officer job does not require a degree, although it will give you some points in the interview.
Right now airlines are rarely hiring, but who knows, by the time you finish all of your ratings, the industry may improve and you may enter your first job.
If you decide to get a degree, remember that the airlines usually don't care what exact degree you have so you can study something that can give you a backup profession.
I was a student at PEA and would not recommend it. Scheduling is a big problem over there and it may take you a long time to finish. This is only my opinion of course. If you can, you should travel between the flight schools that you are considering and talk to the staff, students, and look at the facilities and airplanes.
Good luck! If you have any more questions feel free to ask.