My advice would be to "Fly Navy", active duty. You've clearly shown your ability to think about and complete long term commitments by completing a 4 year undergrad and progressing toward a MS. People are always saying they are afraid to commit to a commitment. Then they get hired by a company( non-flying), or an airline, or they start dating a girl; then they look in the rear view mirror and 17 years have gone by and they are in the same job and with the same girl they were afraid of committing to to begin with. But it's ok. In fact, the Navy's been amazing. Before you know it, the opportunities, the adventures, the set backs, the challenges, the deployments, the friendships, the connections, the etc, etc have molded you into the man/father/leader/pilot you can't even imagine possible today.
Join the Navy, become a pilot, live the dream/adventure that everyone wants to do but is afraid to commit to, become a Navy test pilot (you should be well qualified by then with you're education and Naval Aviation experience), see the world, work with highly educated/motivated people, be open minded about challenging assignments, be open minded and jump on every opportunity presented, let the Navy pay for you MBA, take a chance and look outside of your cozy little box.
Keep working on your MS while you are applying for the Navy as it can be a lengthy process. Maybe you won't even get selected, maybe you will be selected but you'll decide to turn it down because you're unwilling to commit.
It cost you nothing to seriously look into this amazing opportunity. I'm clearly Navy-biased, but all the services offer great opportunities and similar challenges. A ten year commitment that pays you well, has job security, can enhance your resume in unimaginable ways, while you pursue your dream of flying is a pretty good deal during these uncertain times.
I hope for everyones sake that the airline industry turns around soon, but we've been saying that for ten years now. 10 YEARS? How's that for a commitment.