Just remember that student loans do not need to be paid off until you are earning a set amount of salary, which is decided by Parliament. I have forgotten the current figure.
Another thing for the young uns to consider is that whilst you are training you do not earn any money and hence do not pay National Insurance contributions. You do get a buffer given to you, but Uni uses some of that and whilst it is not mandatory that you pay NI for the years that you wern't working, it can effect the state pension that you receive on retirement if you do not do so. Some may want to opt for making that extra payment (it is about 350 quid per year of short fall), and the tax office will notify you in writing of any short falls.
I guess the main advantage of the loan is that it is unsecured, I believe that it is the only unsecured career development loan out there for pilots. OAT, Cabair, FTE cadets can obtain secured loans via HSBC. All loans are getting relatively more expensive at the moment, with the Bank of England increasing interest rates.