Here's my experience with the VSP.

I wanted more than what AD life had to offer so took the VSP back in 2007 with nearly 10 years of service. It was around 120K before taxes. I didn't spend a penny and slowly invested it over about 3 years.

I was hired right away and made a clean break from the military. Life was satisfactory. After a year at my airline, I applied for a job at my hometown Guard unit. Absolutely love it. I split my time about 50/50 and life is good to very good. I know I'll be paying the VSP back in small allotments upon receiving my first retirement check at age 60, but I am working to make sure that is painless. If you consider it a loan, it's a damn good deal.

Someone mentioned insurance. I occasionally take some 30-60 day orders and get six months of TAMP (Tricare) at no cost. Otherwise, Tricare Reserve Selects costs my family about $200 a month. Also, I did 180 days of orders a couple years ago and no one asked for my VSP.

You will eventually get hired, but you won't always be able to VSP. I'd say take it, get a Guard/Reserve gig, and get a few hours at a Regional while you're waiting. In speaking with friends, it seems the consensus is the quality of life/career is deteriorating more quickly in the ADAF than the airlines.

Good Luck!