If only airlines would see the light and guarantee loans. They get a larger pool of applicants, cadets without the means to pay on their own get a chance and it doesn't cost anybody a penny extra...
Until somebody defaults and then it costs the guarantor. They already have a large pool of applicants. These days the risk usually rests firmly on the shoulders of the applicant. If you were selling your car, you would get a lot of applicants if you were offering to act as a guarantor for their potential loan, but you can see the obvious pitfalls.
The inherent risks here are: that the candidate will fail to complete the course for any number of possible reasons; the airline will change their recruitment plans; the candidate will fail to meet the performance targets set down by the airline partner. Some of these risks (not all) may be insured against.
The inherent advantage is that it is potentially a major springboard into an airline career that wouldn't otherwise be as accessible.
You need to weigh up the very real risks involved and if a setback would have the effect of ruining your life then the advice would be simple...Don't do it!
Despite the oft repeated suggestion that "everything is on the line," the reality is that the principal lenders in this marketplace require that any property proposed as security for the loan usually has no more than a 60% single mortgage on it, even after the proposed charge is included. It also requires that any guarantors are financially able to assume the loan repayments in the event the borrower defaults. In reality these criteria preclude a large number of would be applicants from qualifying for this type of borrowing. Despite that, circumstances change, and there are very real inherent risks to large sums of secured borrowing, and they shouldn't be understated.