PU has operated 2 KA-B200's and the BeechJet(or DiamondJet) forever. I got 14hrs in the KA's and it absolutely opened my eyes to ACTUAL part 91 ops and the real world. It was probably the greatest experience I had there. The 727 sims, which you do a 2hr training per week your whole Jr & Sr years, shared with 2 other students, also prepare them for real-world flying moreso in the 121 side. A lot of folks don't know that PU actually operated an airline for awhile with DC9's and students did fly as part of the crew.
Purdue History
As far as the costs, the BeechJet and KA's were part of the university flight dept, and the students didn't actually pay for the time, other than the mandatory KA ground school course which takes place the semester prior to the students actually flying the plane(usually Fall Sem. Jr. year). I can't speak for how they are planning on Typing everyone in that jet. I knew the Beechjet program was a "Honorary" type program and that it was paid for by the university, and only a select few got to do that program.
I'm mostly positive about this transition, but saddened by the loss of 200PU/300PU, they were great planes!!! Plus, flying with MG, DAP, TQ, and the others was a priceless experience too.