You can't really recommend starting training to keep the training organisations going!!!! Honorable I am sure but not the best reason for someone to start training! Do what's right for you, not to keep CTC/OAT etc in business.
Even if everyone did stop training now there will still be more than enough pilots in hold pools or unemployed etc to keep the airlines going! To be frank, the less people there are in the wings (pun intended) waiting to join the better the T&C's of those new joiners will be. Just look at flexi-crew. That is here to stay now.
Start now or wait, million dollar question! I agree with you FBF in that starting now may not be a bad thing but plan and prepare PROPERLY.
You are lucky, you can afford to graduate, keep paying your loans, feed yourself, keep a roof over your head and even keep flying for a protracted period!!! Not many people can! For those in your position, start now, what the heck. If you have enough cash to keep going for 2/3 years after graduation before getting a full time contract do it. If you have no ties so you can follow the work and not worry about paying the bills/looking after babies etc then go for it.
A lot of people are not that lucky. Family/life/financial commitments make it difficult. This is where WBV's words should be heeded. If money will be tight after graduation and you can't afford to live on contract work for years then STOP! Wait till things pick up. You might miss the initial upswing and hiring panic but there will always be jobs. Don't rush and bankrupt yourself.
Myself, WBV and others might sound more pessimistic than you but its because we chat to the new guys on the line on the contracts and hear the fears and concerns. When will I be working next, where and for how long?!? Not nice. The latest lot to join EZY are going to be kept on over the winter on flexi work to keep current which is great news. They don't know where they will be based though and could have to move abroad for 6 months and then return to the UK - where and on what contract again they don't know. Better than nothing though!
Do what's right for your own set of circumstances. No-one else can tell you whether to do it or not. Certainly not to help FTO's out anyway! If you can REALLY afford it and have a backup plan(s) then go for it. If not, wait. There will still be jets needing to be flown in a few years.
FBF, enjoy being able to work doing a "normal" job and do some puddle jumping when you can. Catch up with all your family and friends as much as you can now before shift work makes a serious dent in your social life!
See you on the line soon hopefully.