Internship programs also fulfill a similar purpose. See http://www.inc.com/magazine/20070501/column-guest.html for more.
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I think internships are slightly different. Paid apprenticeships where you are expected to delivery production ready code for clients and work along side developers is what we are after.
Most internships I have seen generally treat the intern as the grunt; no good projects / most of their work can be discarded at the end of their internship.