I have been furloughed twice and been through two shutdowns. It will happen in this business. Unfortunately this time around, there's no place to go. This industry is going to be in for a nasty makeover and revamping. Those companies who can't adapt will perish. My advice is go and find work (even outside aviation) and await for a recall or the job market to reopen in a few years. Also, it wouldn't hurt to have a plan B for a career in place just in case. You ever get furloughed for a long time, or even become medically unable to fly.
As for a furlough, you are considered laid off, out of work with eligible for rehire when the time comes. You lose everything, the flight benefits, insurance, jumpseat privileges, and even your company's flight internet access if applicable.
Also you may want to reconsider going back to school as well while waiting this out.
Good Luck and tailwinds to you.