Unfortunately for a lot of the planes the cost of education isn't really any less. The reason you want that babysitter is for when something goes wrong and if the pilot doesn't know much then the only thing he's supplying is the comfort factor of a 'real' pilot. I'd draw a parallel to a sys admin. It's all well and good to have a comsci student fresh out of university as your sys admin when the system is set up and running correctly. However unless you have one with the right experience when an unexpected error pops up you may end up with significant losses and a much longer/no recovery.