Calculate the loan payments on £56K (I have subtracted Flybe's contribution from FTE's £76K price because it is a zero interest loan).
I think you need to look at this again. The candidate pays all the 76k. Flybe pay £19,800 in 'additional sponsorship' - ie TR. They then take this 20k back from you over 5 years.
There really is no genuine sponsorship on offer here. You will be servicing a 76k debt with 20k salary. End of story.