I suspect and it is a huge suspect that the companys that have links through and are holding some of the risk.
ie if you go to www's welsh boys flying school intergrated it will cost on paper 95k which you take the loan out on. The coarse only costs 45k. But not many folk can pay 95k up front. So if the school takes on some of the risk of the loan the banks think there is a risk which is profitable. The company gets punters and the numbers which turn out to be bad is relatively small everyone still makes a profit.
Which is why the more intergrated peeps go bankrupt the better because these deals will make the banks back out and the over priced product will be priced out the market.
We are due a down turn now and i suspect in the next 24 months there are going to be some wannabies loosing a heap of dosh due companies going tits up.