I was in a very similar situation when I graduated in '98 with an aerospace engineering degree. The difference for me was that I already had a pilot slot in ROTC. As I'm sure you are seeing already, aero engineering jobs aren't all that easy to come by right now with the economy in a recession. The aero engineering field (more so than most other engineering disciplines) is very cyclical. At the time, the Air Force was also asking for volunteers to stay in school for a Master's Degree and delay pilot training.

I have kicked myself since then for not staying to get my Master's. I agree with the poster above - you should stay in school and trying to get a Air Guard or Reserve job on the side. They should even have some tuition assistance programs you could take advantage of. The way I see it, the worst you can do is make yourself more marketable during your job search if you decide to stay in the engineering field. Then, if you end up going military, you already have your Master's (which is almost a requirement to make it past the rank of Major). If you decide that you still want to pursue commercial aviation, you will have more resources (read: money) to help you reach that goal and get past the years of crappy pay while you're building your flight time.

My .02, FWIW.