Airlines are furloughing now, but for those of us without any ratings, don't you think it might be a good time to start? I figure it will take 5 or 6 months to get the ratings, and then I'll spend at least a year instructing to build time. Who's to say that things won't be picking up in a year and a half or two?
I think that with everbody getting furloughed and the economy the way it is, you have a distorted view of how the next year or two will be. You have 5,000+ pilots on the streets with thousands of hours of turbine time. At my local flight school they have so many flight instructors, almost all have second jobs.
Taking out a loan to go complete flight training in a year or so right now IMO would be irresponsible. I think the industry picking back up in two years would be the best case scenario if the economy rebounds. If it does not and we have an anti-labor government elected into office than the airline industry will be in the ####ter for at least 4 years. Please don't put yourself in a position where you owe $600-$1000 in loans plus living expenses for a job with an earning potential of ~$1400/month the first few years. Your sanity is not worth it. If mom and dad or some other wealthy individual is willing to sponser you, then go for it. If you really want it that bad work full time and go fly in the evening. If you are not willing to take on the work of going to work 9-5, flying 3 or 4 times a week on top of that and putting time aside to study then you need to reconsider.
That being said I do think the airline industry will turn around and people will be hiring again. In fact I think with the increased barriers to entry that the industry could be in a good place in 6-10 years. Those that were able to stick it out through the lean times will be in the best position for those jobs. You just need to ask yourself if your willing to be punched in the head for 7 years to make that happen. Things will be different when your 30 as opposed to when you are 23. I sure don't want to be 30 years old making 30 grand a year with no financial stability or savings.