First, you get resources.
For one, you have an endless supply of both models and creative types to help you with you work. The students have so much free time, and are so full of youth and life that they're perfect for both roles. Plus, you can pay them in Facebook pictures.
The other side of the resource benefit is the connections you will make. You have four years work with and learn from some of the most talented people in the world. You also have access to their university-funded studios, which are lightyears ahead of what you'd be using on your own dime.