I understand your point about my 'free' time evaporating as time goes on... I'm hip deep in an online MBA right now, and you're exactly right. On one hand, I wish I would have started it sooner so I could have it done by now. But on the other hand, I value my time as a C-172 flying, no responsibility casual 2Lt.
I guess the lesson there is we all have to pay the piper sometime.
There are a few of my flying buddies who seem to think there is value in waiting for the 'perfect' time to start a degree... when they can take classes in residence for example. I'm not sure, but I don't know many people who have pulled that off while on AD flying status.
But then again I'm a FNG.