EZYRamper,
You are correct that the student did not have to secure the loan if he got a place on CTC Wings, but I suspect CTC or the partner airline might have been on the hook for the bond or a portion of it in some way (HSBC pulled out and BBVA do secured loans only for CTC now). CTC's explanation of the financial side of Wings is so cryptic and convoluted that one can't really tell what the full financial picture is for Wings. Hopefully it is clearer to those who get on it.