I was in your shoes about a year ago. I graduated from a CTI school, but they didn't send my information to the FAA right away. I graduated in Aug. 2007, took my test in March and am just getting to the academy now (October). I ended up getting a full time salaried job for the last year cause I wasn't sure how this process would turn out. You should not compromise your living situation, but you might want to let your employer know your intentions. There is a chance after all that they might not take you if you fail some of the pre-screening requirements.

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ZDC bound