Shon,
I guess I probably had a similar choice to you, but I never even considered the loan.
First of all, the market at the moment is crap, but improving, so there's no harm in taking things slowly. I'm hoping that when I'm ready to look for a job, there will be more jobs available than there are right now.
Second, I figured that I need some kind of insurance in case I don't get a job as quickly as I'd like (or maybe at all). So I don't plan on leaving my current career until I get my first flying job - that way I know that whatever else happens I'll be able to pay the mortgage and keep myself fed.
Just my own opinion, but this is obviously an extremely personal thing since everyone's home circumstances and priorities are different.
FFF
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