You can log whatever you like, but the airlines/flt departments who hire the "graduates" of this school might not like the time. The insurance companies might not like the time. I would hope the Dean of the aviation school would make this an internship/co-op option for the students.

This is how the industry got its pay for training / training contracts. How is a company supposed to pay for services rendered by "professionals" if the schools training those professionals will not do the same.

Shame on you for taking advantage of your pupils whom you are supposed to teach.