Need some opinions

I am a newly licensed RN in search of my first job. I graduated a hospital based program in Sept, licensed in Sept also. I've been applying to jobs left and right, with no responses whatsoever. I just recently (last thurs) applied to a Graduate Nurse OR Residency. I got a call this week to set up a panel interview.

My issue that I need opinions on. Nursing is sort of a 2nd career for me (tho I like to think of it as my first). Been a secretary/bumped up to bookkeeper for the past 10 years while slowly taking night classes and having a family. This residency is the only communication in this job search that I have, but it would be a hefty pay cut for me.

So basically its either a 3 or 6 month residency, with the pay at something like $15/hour (almost 1/2 an RN salary at the same hospital). I am so torn, should I take this residency and quit my full time job? I think I could probably make it work, but I am terrified that when the residency ends, what if I don't get offered a position and I am back to square 1 with no employment? This is scary. Not to mention the feeling if I see some classmates I've graduated at this hospital that have RN positions..talk about feeling inferior. I graduated with honors (3.8gpa), but can't even get a call back! Any opinions are appreciated!