There is also the factor of "crap, I somehow missed a payment and now I can't complete my coursework" when colleges are busy trying to get rid of computer labs because "everyone has a laptop".
If a student were to outright buy a netbook using financial aid then those concerns go away.
Again I wouldn't give a crap either way if it were a contract/ETF arrangement but rent to always rent just seems like a bad financial habit to develop early in life.