"Cooperative education (or co-operative education) is a structured method of combining classroom-based education with practical work experience. A cooperative education experience, commonly known as a "co-op", provides academic credit for structured job experience. Cooperative education is taking on new importance in helping young people to make the school-to-work transition. Cooperative learning falls under the umbrella of work-integrated learning (alongside internships, service learning and clinical placements) but is distinct as it alternates a school term with a work term in a structured manner, involves a partnership between the academic institution and the employer, and generally is both paid and intended to advance the education of the student."

https://en.m.wikipedia.org/wiki/Cooperative_education

I would caution against using "work-study" as this could be confused with the Federal Work-Study program which involves a loan mechanism.
"The Federal Work-Study program, originally called the College Work-Study Program,[1] is a federally-funded program in the United States that assists students with the costs of post-secondary education. The Federal Work-Study Program helps students earn financial funding through a part-time employment program. Approximately 3,400 institutions participate in the program."

https://medium.com/betterworkingworld/what-is-the-difference...

yes, I would concur... you've got it 100% IMHO ... as confirmed by a few refs in these archives