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Co-op is awesome!
You owe it to yourself to give it a try. At the end of the day, if you are not able to find an optimal co-op position, you can just continue your studies. There is no penalties for that.
If you are thinking about finding a job right after grad, work experience will definately give you an advantage (especially if the co-op job is relevant a experience). If you have a low GPA, work experience is one of the ways you can make-up for the low grades during job applications.
Through 4 terms of co-op, I was able to publish a paper as a second author in a peer-reviewed journal, recieve 2 NSERC USRA, recieve potential full-time job offer, and secure good reference letters from prof's. The salary of my last co-op position was also $3200 per month, which I saved up to buy my first car and a year worth of insurance.
Whether its for the interest of money, work experience, learning, or just taking some time off school, I have never seen a student regret doing co-op. Most importantly, you will learn what you want to do and what you don't want to do after you graduate.
Damn I sound like one of those promotion paragraphs from the Co-op pamphlets lol.
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