Every school handles it differently. Her best resource at her school would be the Campus Reps. If there are none, or she's the first to do the program, talking to her advisor or the career services departments would help.
Everyone that does the college program at my school has to take a leave of absence for the semester. We don't have to pay any housing or tuition for the semester, yet they will hold any housing and/or financial aid for the semester when we return. None of the Disney classes would transfer back either, however, during my first program I took a bunch of online classes through a community college back home to keep up on school and to fill up some of my general education courses. It was way cheaper than if I had done it through my university. As far as out of pocket expenses to Disney - there is the $100 program fee you pay when you accept your role. This will get paid straight back to you over your time there through all the housing events the College Program team puts on (grocery bingo, pool parties, formal night, Thanksgiving, and many others). Also, it's recommended that students come down with a couple hundred dollars to get them through the first few weeks. Your first check will generally be very small and the second check will have two weeks worth of rent taken out. After that, everything should be smooth sailing.
Again, as far as the school questions, every school will handle it differently. Those were the steps I went through for my first program. The one I'm on is different all together, in that I just graduated and the only thing that factored in is that I had to be in school when I applied for the CP.