lily,

This industry is cyclical. What goes down, in this case, must go up.

Something I would consider though. Right now, there aren't many jobs out there to be had with low time. If I were in your shoes, I'd look around at other options than a pilot factory. You'll blast through the ratings, learning the minimum required and chances are this industry will not be in recovery mode in six months when you have the ratings. I would find a lower-cost option where you live. Work full time to pay your loans/rent/flight expenses so you aren't trying to pay even more than that $1k a month. I'm on my third year of making less than $25,000 and things are beyond tight with $700 in college loan payments

If you can commit 3-4 days a week to flying and stay committed to studying on your own time you can easily be instructing within a year. You'll also have at least $30,000 less debt to worry about when you're instructing and working as a first year F/O making poverty wages.

A lot of these guys who are currently being furloughed came in with low time, no instructor ratings and no real experience outside being an F/O. I highly doubt many will continue this persuit because they'll be spending a ton of money just to keep working.