No it's not a great financial position to put yourself in, but what real choice to aspiring pilots have these days?
I don't want to comment too much on this scheme until all the details are announced, but I disagree that aspiring pilots don't have any other choice. BA run probably the best scheme out their right now, which doesn't require you to gamble houses and work for peanuts. Granted it's hard to get onto, but it's worth a go. Aer Lingus have run good cadet schemes in previous years as well.
If you're unsuccessful with these "golden" opportunities, then the next option shouldn't be running to pay your 100,000 grand IMO. If you've got the cash lying around then fair enough I guess (so much for social mobility....), but how anybody can sensibly decide to re-mortgage/gamble houses etc to join an industry as volatile as aviation is beyond me. Modular training offers opportunities such as West Atlantic's sponsorship or Jet2 Pilot Apprentice, + low-hour jobs in turboprop companies, instructor jobs etc etc. Train whilst you're in work and you will have little or no debt. At that point even if you can't get a job for a while you won't be in too bad a position. Granted it's harder, will take a lot longer and you're unlikely to get straight into the RHS of a shiny jet, but if you want it badly enough.....