Has anyone ever asked a potential employer to hire them and pay them through the McMaster work-study program?

On their' website it says:
McMaster employers are responsible for paying a portion of the student employee's wages. Remaining salary is made available through a subsidy from the MTCU and McMaster. This is capped at $750 per term ($1,500/student - September to April). The employer must offer at least the current Ontario minimum wage ($10.25/hr as of March 31, 2010).


Would it be possible to work part-time during the school year for how ever many hours $750 can cover? Then the employer wouldn't have to pay any part of the salary?