No way, it's a lie.
In my studies usually we have some company that has ordered something from our school. That always contains money, so they pay for my school for ready works. We - as student's - make this works to get ECTS, meaning the ones we collect to graduate. We spend our time and even our own money to complete these works. Our school gets the payment.
So, actually we are paying for our own education!
I see a loophole.
I have personally decided not to do anything for free anymore. Especially for my school I won't do anymore anything. I will do everything under my own name and get ECTS like that. Schools are robbing the students, and even what's the worse part: schools are robbing students ideas and touch!