I'd be doing exactly the same to be honest. In all honesty I don't think the BBVA loan would be an option so I'm torn between applying on the chance of a guarantee or waiting for Aer Lingus to reopen. I'd be interested to hear what you decide to do
I'm currently leaning towards waiting. There is quite a lot of uncertainty atm with the loans and contract on offer. Regardless, the Aer Lingus scheme is in a different league to this one, the downside being the chances of getting in are tiny.
Easyjet are not going to find 300+ cadets in this CTC application window. It might well re-open later this year or in early 2018. Then there's OAA which seems to be permanently open but I guess coudl be re-launched at some point. My current thinking is to wait, apply for EI and maybe Virgin, then look at Easyjet.