Look at it another way...
You spend 18 months learning about the company you're making a career with, achieving a much greater understanding of the business pressures as well as the operational ones facing the airline.
If fiscal matters are of concern, please dont quote me but im sure this scheme retains the tradition of being a FUGLY one (FUG's being flying undergraduates), the name a hangover from when atlantic, atlantique and RVL were all one company. As a Fug you are accomodated with the other fugs, and given what some would call pocket money (a friend got £400/month). I know thats not a huge amount, but for 18 months it's beer/food money!
Finally......more hours (if required) cpl, ir, multi, night (if required), Atp type rating. Easily tipping the scales at £45k for 18 months of hard graft, equating to a salary of 30k p.a. that you get as a lump at the end of your 'internship', flying in lieu of notes!