I have heard nothing about this at all. From the info on FindAPhD its appears that it hasn't even gone through the basic consultation stage yet so at best its an 'idea' and nothing more substantive - all the FAQs are therefore nothing more than wishful thinking. The idea that it will all be in place and is definite I think is a punt by FindA Phd rather than actuality. I suggest that no-one plans their future academic career around one dubious posting on FindA PhD.
But the debt! 3/4 years of undergrad, a Master's loan and then a £25K Ph.D. - that's (in London) a possible £115,000 of student loan debt before you've even got a job. i.e. half an average house.
It just seems crazy to me to be willing to take on that much debt by the age of about 25.