No it charges 20% as an 'arrangement fee' and then you have to pay 'interest' in line with the CPI Rate on the outstanding balance until it is paid off.
Unfortunately those without the funds to pay their own way through have no option but to take finance - and although expensive it is not as costly and risky as doing it through the banks as they often require some security such as Mummy and Daddy's house.
ALthough a good deal for the Government and the individuals themselves the only real winners are the Uni's who get to maintain their course numbers and draw down the fees from the government pot as they are the only organisations with access to it ie. an individual cannot just rock up at GFS to do his pilot licence and access the FEE HELP Scheme, they must do the 3 year degree as well which can only be done at a Uni.