The payscale for FPP and DEP entrants is different. The advantage with the scheme is that the bond is paid back tax free on top of the FPP level salary, whether you took out the loan or not (they're technically repaying the bond, not the loan). Once you reach the end of the bond period, you join the same payscale as everyone else. Thankfully you don't revert back to year 1, though!
If by any chance someone happens to have the money to just pay the bond upfront, they're clearly in a pretty good position with (effectively) 12k per year tax free, considering it's not salary. Otherwise you're obviously paying back interest on the loan too, but at least it's not after that money has already been taxed once as part of a salary package.
NB. I don't think it equates to the same overall but, that said, graduating from the FPP doesn't give you the same experience as anyone coming in through the DEP route. DEP entrants "must have attained at least 500 hours on a multi-engine transport category aircraft with an MTOM of greater than 10 tonnes to be considered for shorthaul vacancies. They must also be in possession of an ATPL (frozen)." Clearly that's substantially more than a new FO straight out of FPP training.
Last edited by MaydayMaydayMayday; 23rd Apr 2013 at 12:16.