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Reports are always part of the co-op program, for all faculties. If you can, try and get your employer to label the report as confidential, so that it's only marked by your manager. Your manager usually doesn't make a big effort to mark it and the topic can be more flexible.
As for the tuition, that's a given since you get 'credits' for the co-op terms. You're basically paying the connections that the office has. If you have job connections already, then I wouldn't bother with the program. That's really the sole purpose of the program; it's to give you access to job opportunities and help you with cover letters, resumes and job interviews.
I don't know about Science co-op, but with Engineering, you can find your own jobs and make it your work term, pending approval from your co-op supervisor. But like I said, if you can find your own jobs, then you don't need co-op.
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