Taking debt vs paying as you go: which pays off in the long run if your income is terrible?
I (30F) am wanting to switch over to being a pilot. I am currently a teacher. I don't have any debt but I don't have much for savings that I can access (12k). I know everyone says that regional airline pay is terrible, but according to google, entry level is still more than double what I make today. My question is this:
Is it better to take out debt for flight school if it means that I can finish my training more quickly, getting me into a flight job more quickly and doubling my salary? Or is it better to take longer, go through a part 61 school, and pay as I go? Teacher pay isn't great where I live, so it would take a long time to pay as I go, but I also absolutely hate debt and there's a lot of inherent risk that comes along with that.
If it helps, I am willing to move anywhere in the USA for a job.
(I think CFI's might actually make more than what I make lol, though idk if I could manage to get a job in that. Sounds extremely competitive, though idk if I might have an edge being a teacher)
Edit/Conclusion:
It sounds like most people say to pay as you go. I think I'll start with that, and reevaluate as I go if I want to speed things up. It doesn't seem like there's any career advantage to doing a cadet school through an airline, or doing a 141 over a 61, so worst case scenario I can take out debt for a later cert (rather than earlier) through the 61 down the line, if it makes sense at that point.