This is turning into a very interesting thread - it is fascinating to get a feel for how others are approaching this.
I agree wholeheartedly it is reassuring to have another skill to fall back on should the whole thing go belly up - in my case IT and Project Management, I'm just not sure how favourably exercising that option after a few months unemployment would be seen by prospective pilot recruiters. I also suspect the disappointment of having to re-enter 'civvy street' would be a bit much to take. Personally I'd rather try to eek out a living as a flying instructor I think for a year or so after my course. If I'm still not getting anywhere then I think I'd try and get a job as an IT contractor to pay off all the debt!
I am pretty certain however that as a Graduate of an intensive flying course you are at your most marketable in the first few/6 months after Graduation when your skills are still highly tuned. The only way to maintain that level of currency is to get a flying job of one sort or another.
If you accept the argument above then timing your exit from college to coincide with the next upswing in the market affords you the best chance of being hired.
However domestic considerations also influence the decision such as age/future plans on kids etc.
Desk pilot
TOWER "Desk-pilot 903 will you move off the God-dammed hold and line up for 27L?"