I can only speak for myself, but my 4-month coop terms are the only reason I managed to graduate. I studied computer engineering at UW, and it was more intense than anything I've had before or after university. I definitely would have burned out by third year without my coop terms.
It also helped that coop paid for everything: tuition, rent, food, etc. (Although, I don't smoke/drink/do drugs/drive/have expensive tastes...) I graduated with a net (albeit tiny) profit instead of the massive debt most students seem to end up with. An 18-month placement probably would have been financially equivalent, but I would have had to take on debt before my third(?) year to benefit. Judging from my friends in other programs, having money troubles or taking on jobs while in school is extremely stressful.
(Aside: One could argue that since I admit to struggling to get through without frequent rest that I am under-prepared for work, but having been in a full-time position for some time now, I can see that university was artificially intense. Nobody in "real life" expects the same rate of output. Although, now I feel somewhat under-challenged because I had just managed to get used to the amount of effort required to do well by the time I graduated!)
It also helped that coop paid for everything: tuition, rent, food, etc. (Although, I don't smoke/drink/do drugs/drive/have expensive tastes...) I graduated with a net (albeit tiny) profit instead of the massive debt most students seem to end up with. An 18-month placement probably would have been financially equivalent, but I would have had to take on debt before my third(?) year to benefit. Judging from my friends in other programs, having money troubles or taking on jobs while in school is extremely stressful.
(Aside: One could argue that since I admit to struggling to get through without frequent rest that I am under-prepared for work, but having been in a full-time position for some time now, I can see that university was artificially intense. Nobody in "real life" expects the same rate of output. Although, now I feel somewhat under-challenged because I had just managed to get used to the amount of effort required to do well by the time I graduated!)