Rexy
..as I understand it (correct me if I'm wrong), after "graduation" rather than be given the keys to a shiny new SAAB, they cart you off to one of their subsid companies for a period of "what does that button do in real life". During this time you learn that you could have paid for CPL and ME/IR yourself and gotten a job there anyways, with real prespects of moving up in 2 years to a decent paying position rather than being shackled to Rex for a further 6. (all with 80k of debt if you try and tunnel out).
My advice, take the 40k you already have and get your CPL and ME/IR. Then apply to places "up norf" to do the same job they will place you in anyways. Then after 2 years or so, call up one of the more "major" players and sell your soul that way. You'll be free to choose, and have saved yourself 3 or more years at dismal pay.