I'm one of the people R2F solicited to come post on this thread on his behalf.
(tongue FIRMLY in cheek)
I'm goin' the FBO route. I'm not a kid, either (out of college 6 years). I guesstimate my total's gonna run around $25k through all the CFI ratings. I'm currently about 2/3-3/4 the way through my instrument rating. I'm staying at the same FBO, they have the equipment and CFIs to train me the whole way. So it's not piecemeal (though *gasp* its Part 61).
My reasons:
1) I am established in my career. I make decent money and need to continue to work full time to support my flying which leads me to
2) I am paying cash. As I go. It's slower. I don't care. I can sleep at night not worrying how I'm gonna pay my loans.
3) The industry is in the tank. I'm proceeding but keeping a guarded eye on the situation. I will NOT totally ruin my quality of life just to fly for a living. Will I make sacrifices? Hell yes. Will I go on food stamps? Absolutely not. Which brings about
4) I am keeping my job and earning my ratings, then instructing, on the side. Again: "too slow" you say. Maybe so.
But. I will not be earning $12k a year trying to pay off a $40-50k loan. Do the math it does not work. I hope by the time I'm instructing to have my freelance (design) work ramped up to the point I can earn a good living off of that while teaching - that frees up more time to teach but provides a substantial increase in income. Another option is continuing my current position in a part time capacity, there are actually others at my company who have done a similar thing (though not to go fly planes, mind you).
So. Most important to me is being smart and sensible in my approach to this. When I earn a good living and do not NEED to make the change but WANT to, it's stupid to take out the loans and rush through it for jobs that aren't currently there. I'm still young enough. I'm leaning very heavily towards pursuing an eventual corporate career many many years down the road, not the airlines necessarily, so seniority and getting on the food chain in a hurry is not a concern of mine.
And if things don't work out? I'll have my full-time job, I'll have my CFI/CFII/MEI and will be having the time of my life teaching on the side like what my CFI does. I really really look forward to teaching.
JHMO, your mileage may (and obviously does) vary.
Sarah