Now, first of all, I would like to see the Rex Cadetship become successful. However Odyssey, what you say is a bit misleading for people not in the know. I have spoken to cadets and they describe a program that has not been well run or managed so far. You can blame this simply on "teething problems" but I wouldn't say that is the explanation, there have been many mistakes made since the course began that should never have happened. In addition, I'm sure job security is something weighing on the cadets' minds due to the poor management of the company which is pulling it down, and while management are not giving the pilots and cadets the respect they deserve, I don't see things getting better in the short term. Also, if the program or airline was to fall apart, would the cadets not still have to pay back the amount they owe? And if they did leave before the 5 years that you state is up and they are required to pay back the remaining portion of the loan, wouldn't that outstanding amount be payable immediately? It's not at amount that would be easy to pay back suddenly when you're making approximately $45000 a year. And say these cadets do become first officers, as some will over the next six months or so, they are working for a company that has no respect for its pilots and I can't say that that would be the nicest feeling to work for such a company.
This post has focussed on the negatives so far to provide some balance against what Odyssey has said, but there are many positives coming out of the cadetship, and I think the cadetship would be a great opportunity for young pilots if things were coming along a bit better with the company. However, it is important for any prospective cadets reading this that you do take the time to research the company and weigh up all the positives and negatives so that you can make the best decision. On the whole I think that in theory the cadetship is a good idea and a great opportunity for many, however it would be quite stressful being a cadet or pilot for this company when you just don't know how it is going to go over the next few years.
Fingers crossed that there are some improvements in the near future and good luck to all involved with the company!