In essence, that's what happens. Training is not complete however until you have spent 6 months on the line with the airline you end up with and in those first 6 months, either CTC give you £1000 per month to love off or the airline pays you a simliar amount. Loan repayents then begin once you start a full contract after those 6 months.
The easyJet payment structure is probably the better of those on offer as you get the monthly £1000 tax free whereas at BA, you get a full direct entry salary but pay tax on the lot. There is not masses of readily available info around about the pay deals with other partner airlines, although we are hoping to get a document that details the benefits at some point from CTC.