It actually sounds worse than it really is. But its true, the days of a true cadetship program are long gone anyway, imo.
The ab-intio part is paid by the student however the airline can loan the money and recover it with 6% interest. The 6% interest is the part I have an issue with myself. I think it should have at least been interest free.
The cost of the type rating is covered by the airline as long as the pilot fulfills their 12 year contract.
Ideally, the whole cost of training should have been treated as they treat the type rating. In other words, it should all be a dept to the pilot but as soon as the 12 year contract is fulfilled, it would all be waived.