Although I agree it is badly represented on the website, in the previous year of running the MPL at Jerez the cost to the student was £56k, flybe contributing the remaining £19,800. This is then repayable over 5 years from your wage. So in actual fact you are paying £76k in total, but the amount you will have paid after leaving training is £56k. The remainder is paid back in the form of a reduced wage for 5 years. The type-rating is also fully funded by flybe (provided you don't leave them within 3 years).
Anyone wanting to apply is well advised to very carefully crunch their numbers to make sure they can afford it, following the helpful advice given by Adios. In my personal opinion, £56k and a reduced wage is a pretty reasonable deal from an airline for a licence and a type rating these days. It is not without risk however, there are still large amounts of money and debt involved so anyone applying should give this a lot of consideration!
If you try to do this with 100% debt, it probably won't work out for you. If you've got £20-30K cash to invest, it's a damn good deal and a great airline to end up with. Because it is part sponsored, it might lead some into a false sense of financial security, so run the sums.
I am not slamming the programme, as I think it's a good one. I am saying you need to put in a chunk of cash for it to be manageable.
Pretty accurate analysis.