<p>A co-op is basically 12 months of interning with a company over the course of five years–interspersed with college coursework. You either go to classes for the quarter, or you work at your co-op, during which time you don’t take classes. You don’t collect financial aid while you’re on co-op, since you aren’t taking classes during that time.</p>
<p>Co-op paychecks are treated just like a summer internship’s paychecks would be. Essentially, co-op is four quarters of work inserted throughout your career. You have to interview for it, just like you would for a typical internship or full-time position.</p>