Maybe I don't get it but this is how I see it:
1/ Pay around £70k to go to Oxford (after factoring in possible resits and miscellaneous items not included in the course costs.)
- No guarantee that bank will lend you that amount.
- If they do, you'll need security which brings up further complications.
- Most importantly: much less chance of getting a job immediately after graduating.
- Very high loan repayments (approx. £650/month judging by previous posts on pprune).
2/ Part sponsorship, if successful;
- Pay significantly less
- Bank likely to look much more favourably on applicant given a potential employer is involved
- possibly more favourable terms due to sponsorship (i.e. no security required)
- much higher chance of moving straight into employment (i.e. with flybe.)
- lower loan repayments, certainly more affordable if you're actually earning something instead of nothing.
As for £20,000, it's not a bad salary at all, and living costs shouldn't present too much of a problem if you're not living in or around London. (Not sure where the airline would base you though).
As for the cadet salary, forgive me for being naive, but if I got that sponsorship the exact details of the cadet salary wouldn't be foremost on my mind.
You wouldn't be bonded to them for ever...
To me the choice seems obvious...apply for all the sponsorships going, providing you're elegible. The alternative costs a lot more...