you should still submit an application. you never know

Maybe the figure they can pay them less since they don't have their degree yet.

Well what is your degree in?

Approach the company anyway - maybe not in this round of applications but find a contact in the company and see if there's a position you can apply for.

Read between the lines OP! This might be your dream job but the company involved is clearly after cheap labour! Now they might be good and genuinely provide student employees with additional training and mentorship to justify paying them less. But more likely the students will work like full time employees but get paid "student wages". If you have graduated and are currently working, you are in a far better position. Even if you are not doing your dream job!

Just lie and say that's what you're doing. You'll be in less trouble for omitting education you have than for claiming degrees you don't have.

I understand that bull shit.

There is indeed more to this story. I'm also from BC and am familiar with this situation. The company receives funding through a grant. The position is only open to students of a certain age (under 30, I believe) who are returning to full-time post-secondary education in the fall. It can be frustrating to not be eligible for a dream position (I've been there too) but there is absolutely nothing fishy about it.

I understand this. The job my major is for does this too. Only people who haven't graduated or people with like 5-10 years of experience.

Wow, so many things wrong here. This is a sick world we live in.