Well wubalaj,
If the airlines bean counters aren't going to take on any risk, then why should students, who would be in a much worse situation to pay off a debt, should all go tits-up.?
These are professionals, and if it is as you say, then there is no point in putting our own (god forbid) money up front.
Have these people ever heard of risk sharing. I'm sure your parents told you when you were very young that sharing is nice. Well, it's true. Otherwise I feel like I'm being taken for a ride.