Yes, it will be by a dental student and it will be supervised by faculty. What I can tell you is this....you will often get better care/work done in the dental school environment than in private practice...especially if you will be going to a medicaid mill. They will be thorough and comprehensive and at least you can see what you need done from an honest perspective. The dentists who are the leaders in the field and are teaching future dentists will oversee everything. The chance of you receiving unnecessary treatment is a lot lower than going to your average dentist and that is the sad truth.
For the record...I am a dentist. If you have specific questions feel free to PM me.
Here's my experience - went there to see a friend. His prof (or maybe it was the dean) came by to critique him and instruct him. About a month later, a chunk of my tooth fell out. When I went to see him, he apologized, and said, "So, remember when my professor interrupted me? I kind of missed a few things. I told you you had no cavities? You have 5 cavitities, and 2 root canals."
The tooth that cracked needed a crown.
Lesson 1: Don't go to a friend. If he hadn't been my friend, I would have considered suing, considering the damage done since the time he'd seen me.
Lesson 2: Well, I wouldn't go back there too quickly.
Maybe my "friend" is worse than average, but that was my experience.