They get paid per SBH (Scheduled block hour) which lands them - during the first few years, on average - a gross income of €4000. Since most of these pilots are contractors but technically have only one client they'll have to pay for everything themselves (social security, pension, medical insurances, liabilities, income races). Depending on the country your based in this may tax your income by up to 78%.
Not to much to live from, let alone pay for interest on a student loan. And don't even think about repaying that debt.
But like mentioned in earlier comments: flying is like a drug, it's a beautiful job.
Finally, most of the European States have funny regulations about building new house, so most of the cities are crowded and rents are way too expensive.
P.S. Professional pilots are known to whinge quite a lot so you might want to take what he said with a little pinch of salt... try lurking on www.pprune.org for a few weeks and you'll see what I mean :)
P.P.S. Having said all of that, some shocking stuff really does occasionally go on (I've personally seen it happen) so there are genuine grievances out there.