Everyone seems to know these bad things about co-op...
Why are you restricted in what you can do with your scholarship money? :S
You're not restricted to how you spend your money - ie you could blow it all at some casino and no one would blink twice.
@ OP: Co-op, for me, is a worthwhile experience. Although people did mention that you only apply for it if you know what you want to do, you must remember that you can drop out at any time. Which means that if you go through it for a year, realise it's not what you want to do, you can just drop the scholarship; no harm, no foul. Just be careful - if you drop it before you do your industrial placement, you have to pay the money for the year you didn't work back. So if you're going to drop, do it AFTER you've done an IT placement. Moral: make sure you know YOUR responsibilities to the sponsors before dropping the scholarship so that you're not stuck with a massive bill at the end of it.
I'm not sure about the business coop cause I know they run it significantly differently from engineering, but with engineering:
- study full time for three years and work during the two summer breaks (no summer holidays D: )
- take what would be your fourth year off to work a full year
- come back 'fifth' year to finish the fourth year of engineering degree
At least, this is how it is in the chem sci faculty. Just call up/email coop office for specifics - they're more than willing to help (especially Bridget).
The money DOES NOT hurt at all.
You are not boxed into working for a specific company. If they like your work (especially during your later years), they often offer you a position, but you are no obligated to take it.
Basically - if you're thinking of doing engineering/business I sincerely encourage you to think hard about apply for the coop scholarship. Experience does help a lot in both fields (which counts towards work experience in eng degree) and if you enjoy your degree, you should actually enjoy the placements.