when they first announched the lunch of the scheme I was thinking to apply as I have been told that they will act as a guarantor to get the loan and that they will pay you back the loan once starting to fly for them. And I thought that after paying the monthly rate I'd still have in my pocket about 1000E which for my country is not that bad. But now, I have to agree with Syntax Error and the others who, well pointed out that it does not worth it.
The only positive point I see here is that they will offer you that contract beforehand, which for me is important but not enough, I'd better go get an ATPL for 30-40K and hopefully to find a job afterwards
good luck to all those applying anyway.