Or is it simply, you pay the fee, are almost guaranteed a job with Wizz Air upon completion, and are then stuck on a crappy wage in order to fund the recently paid loan?
As far as I understand it, that's exactly what it's like. Firstly, you or your parents must have a house to secure a loan against, or the cash to pay the installments (total 128,000 euro). You are given a provisional job offer with Wizzair, subject to you passing the training (although there is protection in the event you fail due to lack of aptitude). Salary is 1000/month for the first X months during line training, then 20000/year + sector pay afterwards. The loan repayments are solely your responsibility.
CTC emailed me about the scheme yesterday. The audacity in marketing this as a "fantastic opportunity" is really something.