Maybe his/her parents could just make the loan repayments or part of them on completion of the course, until he/she finds work. As has been repeatedly stated on this thread, securing a loan against a property does not necessarily mean that if things go tits up, the property will be lost. It all depends on personal circumstances.
My dad was going to lend me £25k for Oxford anyway so I imagine that he'd be willing to cover the loan repayments until I find a decent wage. Maybe other people think along the same lines?