Costs for a degree are not dissimilar, I agree. What is different is that flying is pay as you go generally. The degree does not have to be paid for until you are gainfully employed and earning over a certain threshold.
They are being called cadets for want of a better term, potential pilots, student pilots, pilots in training, take your pick.
I just cannot see them attracting anywhere near 250 a year, not even half that. The "expression of interest" that the QF
PR machine keeps quoting was easily explained. You could cut that number in half immediately as people with a vague interest in being a pilot and their only commitment was to supply an email address.