It depends on the airline. They are always looking for irresponsible applicants to weed out, and credit is one tool they use.

Most of the recruiters will be aware of the financial situation which has affected many folks in the last few years and would probably be sympathetic if your loans are for school training vice wide-screen TV's, fast cars, and hookers.

Unfortunately since it may take some effort to get to the bottom of your situation it's possible they will just take the easy way out and hire someone with clean credit.

I would probably explain the situation up front even if they don't ask so that if they pull your credit maybe they will consider your side of the story. That's just me, and there are no guarantees how it will work out.