There are plenty FOs around that started on a scheme, did the sums and decided they could make ends meet on the megre salary. It wouldn't be easy, but possible. During training BALPA successfully negotiated a £7000 pay cut for them. The results of the fiscal calculations suddenly look a lot worse, then it takes three years to get back to what was the starting salary.
In the latest offer the company offering a 12 month payment holiday for sponsored FOs is just an admission that they aren't paid enough. It is just storing up trouble for the future to take it in my opinion.