Return On Investment- I see what your saying about keeping your funds for when the industry improves, but I also see your age is 36 are you not worried it will be too late?
I have had the exact worry at 30 and although it would be so easy staying in my current lifestyle and job that pays me very well, I know the years are slipping by, and its really now or never for me.
The general view here seems to be that when there are jobs age isn't a huge factor - in fact some operators may see age/experience as a bonus.
If the good times return in 5 years time I would much rather work hard now in my current job and be training at the age of 41 with my mortgage paid off and my training money saved in a positive job market than at 36 with no hope of employment.
I've worked hard for what I have got and would need to see a realistic opportunity for employment to start training and would not borrow any cash. It's much harder to part with your own hard earned cash than borrow from someone else!