Mopa,
You have my respect for bothering to seek advice on this terribly important decision. At 21 and with a University Degree under your belt it is very difficult to reign in the horses, carefully consider your options and make a mature decision. Believe me, many of us have been where you presently stand.
I only decided to become a commercial pilot aged 30. Even 5 years ago that was not considered too old. And so it proved because I did my modular training and got 'lucky' with a job with Europe's most hated airline within a few months of completing my fATPL. At the very same time I passed selection for CTC but went for the bird in hand rather than sit in a pool for Easyjet.
But, and this is a big but, 5 years of professional work in another industry and a wife with a good career meant I had a solid back up plan. And if I did not get a job in an airline within months I was committed (and quite eager) to go the longer Instructor route.
My back up plan enabled me to take the risk of being out of work despite my financial outlay without fear of bankrupting my family and it also showed my commitment to the new career.
Incidentally, I started training when all the talk was of a pilot shortage. CTC and Cabair told me a job was almost certain. I actually went modular instead for family and financial reasons. By the time I finished my PPL and started my ATPL ground school the talk was of a possible recession (The annoyingly prophetic Wee Weasly Welshman was a regular voice on here at the time) and as I was doing my IR Lehman Brothers went bust and the Recession began!
My point: You need a back up plan. Assume the worst and plan accordingly. Research, make contacts in the industry, and don't risk other people's money. Above all, remember that you are young enough to do all these things and still be sitting in the seat of an airliner 5 years before I was.
Last edited by Mikehotel152; 18th May 2012 at 09:00.