That has been the practice at Northeastern for over a hundred years. Depending on your major the best coops may be outside the Boston area. In a way NU in and the other alternative campus admissions may be a weeding out tool.
Northeastern has never been a good fit for a student wanting to do 8 semesters on campus with the occasional summer internship.
On reddit I have read about student experiences with NU In and returning to Boston. Some thought it was fantastic and they acclimated to Boston easily. Others did not like it and had trouble settling in Boston. It varies by student.