I would have gotten a 4 year aeronautical engineering degree before I committed to any flight training debt. Then I would have gotten an engineering job at Boeing and worked on flight training at the Boeing Employees Flying Association (it is super cheap).

Considering CFI pay and regional pay, I think that, in principle, committing to any debt to fund flight training for a future job is a mistake. Unless you are making enough money in your CURRENT job that you are comfortable committing to some debt (knowing that you will have to pay the payment when you are making $18,000 year)...
Depending on how much you can save up in your current gainful employment with your degree to pay your loan when you are making $18,000 a year... I think that taking out more than $10,000 would be a mistake.

Kids who love airplanes like I do need to not focus solely on their love of airplanes and flying, but really sit back and think about the lifestyle of living out of a suitcase in hotels for most of their life.
I don't have any problem with that lifestyle, but there are people who want the conventional wife and family...
Except for 2 weeks of "online training" at a part 135 operator where I got up at 3:30am and worked from 5:00am to 6:50pm and then rushed to eat dinner as fast as I could so that I could get enough sleep... I haven't actually lived the lifestyle. But people need the reality check.

Of course, if you love flying enough, you are willing to make any and all sacrifices... I sort of still feel that way, but not quite... for example, I've never been willing to commute across the country to a city that I can't afford an apartment in (like that Colgan F/O did).

Prior to my loan going to collection, commuting across the country to Chicago or New York to make $24 a flight hour was not even financially possible- even if I did use crash pads.

There was one distinct moment in my part 135 online training where it was very apparent that I was an wholly-owned commodity who had basically signed away my right to live my life or have any control over me (or if I got to eat or sleep)... this moment was NOT during flying- I would be more than happy to fly 10 or 12 hours a day, but the particular instance of feeling like an owned slave really left a bad taste in my mouth- again, this moment had nothing to do with flying really.
Anyway, that's why I'm still a CFI and am not willing to be based anywhere not on the west coast (also I suspect that my CFI pay rate is, by far, the highest in the GA industry).

I'm really really happy about the new part 121 rest rules.
Freight dogging part 135 IS the fastest way to PIC turbine, but it seems to me that you sacrifice your life to the "PIC Turbine" idol.
Yet, I still would have done it to get it and get to my goal. Nuts huh? But it didn't work out.
I do NOT think that people who did/do part 135 freight or Great Mistakes made a mistake. In fact, I used to work with one of them- he is now flying at a major airline.

I would also tell kids not to think that happiness is out in there in the future. Don't think that life will be perfect and that you'll be happy "When I'm an airline pilot." or CFI.
Happiness in life doesn't come from some supposed status you think you will get from being employed in particular profession. I haven't been an airline pilot yet- but I have made this realization.

Airplanes and flying are awesome, but don't forget to give yourself a reality check and stay out of debt.

If you are going to take out a $50,000 student loan, the job that it gets you better pay at least $50,000 in the year you start. And get the degree first.

If you have the money to solo or get your Private (or whatever) before college- go for it, but don't take out a loan.

That is what I would tell the younger me.