How will becoming a destitute student help you? It doesn't count as experience but is for you to save money to return to school.
I'm guessing that in cases like this, failing to finish school means leaving Canada, possibly for good. So becoming a destitute student allows folks like OP to save enough money to return to school and finish, and from there presumably get a PGWP and apply for PR after three years work experience.
It doesn't count as experience
That makes sense, and granted that it's hard to know how things will look five years from now (the two years schooling was extended by, assuming OP was otherwise graduating this year - plus the three on a PGWP), but I'm thinking that it's the actual finishing of school that helps get the OP to PR.
The advice from the other two members who answered this are both correct.
https://www.settler.ca/english/destitute-students-canada/ gives a bit more detail - but basically you need to discuss this with your school first and with their support make the work permit application yourself (more-or-less same way a regular work permit application is made - see
https://www.canada.ca/en/immigratio...p/services/work-canada/work-permit/apply.html for step by step instructions)
Also how long will it take to get this Open Work Permit?
I don't know if this would take longer than a more common type of work permit. Assuming it's all under the same bucket, then
https://www.canada.ca/en/immigratio...vices/application/check-processing-times.html says 211 days (incidentally, that page only has "Work permit from inside Canada (initial and extension)" suggesting that IRCC at least considers them all under one bucket and doesn't track the processing times separately).
Or, you could just go back home....really.
So I don't quite have the full story of either OP here... I definitely agree that there are cases where this makes sense. An international student who runs out of funds can simply pause their students and go back and earn money in the home country, then reapply as a fresh international student once savings have been bulked up.
However, there's some risk - perhaps this takes so long that, for a significantly older student, it puts them at risk of hitting the age limit for PR.
Even if that's not a concern, keep in mind the new limits announced under
https://www.canada.ca/en/immigratio...ocations-under-international-student-cap.html - so trying to finish studies under a current study permit might well be the right call.