Hey pilot339,
I just completed my FOM 1 and 2 at EAC in February 2011. I believe, the cheapest accommodation would be at the campus itself, speak to EAC they might be able to arrange that for you. It's better as there would be no hassles for you to get transport to and from college. A few of my colleagues opted for that and it did help them out in the long run as there are quite a few restaurants in the vicinity to order from. Additionally, EAC has a food court within campus that offers pretty decent meals as buffet and it costs 15/-AED for a meal + salad + a soft drink of your choice. It also has a convenience store if you wish to stock up on basic necessities.
However, the one downfall is that the rooms are not equipped with internet and this might be a problem if your an avid internet user.
As for OJT, the situation was pretty tough when we graduated as GCAA had no regulation in place that said the airlines operating within the UAE needed to offer OJT to graduates and this put us in a tight spot as the only way to get your license is completing your 90-day OJT at a registered operation in the UAE.
However, I was lucky enough to get placement in to a local cargo airline that offered me OJT + a job thereafter once I get my license. Recently, GCAA passed on a memo to all airlines indicating that they need to offer an OJT to graduate students so that they are able to get their license. A job though is not guaranteed.
Two of my colleagues just finished their OJT with FlyDubai but were not offered a permanent contract upon completion and are job hunting again.
I hope this helps.
P.S. As for the course, the GLEIM is your best friend. Use it well and you should be okay!
Good luck,
Amar.