Not quite pipersam. If EZY pay you that back over 7 years, you can expect a reduced salary to go with it i.e. I'm pretty sure you'll still only be getting the equivalent, at best, of a non-cadet FO's net income each month - it's just yours will be split into a 'cadet salary' and part of your £69k 'repayment'.
You end up paying one way or another!