I was in the same situation when I graduated in 2006 with an aerospace engineering degree and most of my flight tickets. On the one hand I had several $55k per year jobs making airplane parts, one of which was right in my home town. On the other I saw a long, low-paying, iffy venture lasting for decades through the regionals and possibly ending at the regionals by age 60 (as it was then). I was a bit old (38), somewhat debt ridden, and already tired of road life so for me the decision was fairly easy in favor of the desk job. Later I managed to make the best of it by getting into a flight test department of a major aircraft manufacturer and picked up a lot of part time flying. It has not been that bad a deal for someone who likes airplanes so much and had such a late start.

If I had been free from debt at 26 and had just come out of engineering school I think I would have gone on to grad school, received an M.S., built more instructing hours on the side, then launched for a good regional after that with an attitude of majors or bust. I still think this is a good plan for many but you have to plan it from your early twenties. After that the whole thing becomes very iffy. I do know people who launched careers from their late 30's but they report mixed results, and they certainly did not carry any debt in with them. None of them has made the majors yet either.