By By Tejal Patel
For college students working at internships without pay or stipend, professional experience comes at a high cost. Many colleges and universities have realized this cost and are offering a small payback as their students gain hands-on experience in the working world.
An increasing amount of institutions are offering students who accept unpaid internships cash scholarships to compensate for the cost of living.
The Boston Globe reported last month that many students who accepted unpaid internships came from middle or upper income families who could handle the extra costs, and many colleges and universities “have been trying to equal the playing field so students from all income levels could take an unpaid internship that may better match their career goal than a paid one.”
Smith College in Northampton, Mass. offers students a stipend with an unpaid internship. Furthermore, Yale University will not give students credit for internships, but they will pay their students.
“The legal counsel of some organizations prefers that students are compensated for their experience, as the compensated intern is protected by company insurance policies,” according to the Web site.
All Ivy League schools have a similar policy to Yale’s.
“Hofstra has too much money to be so stingy with its intelligent and hardworking students,” one anonymous student employee at the University, said.
By making the playing field equal, students can accept career opportunities, without being concerned with financial situations, as internships often win in priority over summer jobs.
“The more prestigious companies don’t pay students for internships, but that is where the most valuable experience can be found,” Jennifer Ruggiero, senior assistant director for the University’s Career Center, said.
The University currently offers credit for advisor-approved internships regardless of whether students receive any compensation, which many say is difficult to come by.
Experience has its own rewards, however, making students more appealing to prospective employers, Ruggiero said.
Many students also say internships, paid or unpaid, give them an opportunity to network with others in their field.
“If it wasn’t paid, I would have still gone, but it probably would’ve been difficult to cover costs,” said sophomore Rondolf Moreno, whose air and transportation and room and board expenses were all covered during his summer internship for NASA at Georgia Tech.
Chris Debono, a senior at the University, said he missed out on $120 worth of payment while he did an unpaid internship, adding that “the experience wasn’t even good.”
Ruggiero said students can stop by University’s Career Center for advice on simultaneously balancing the responsibilities of an internship as well as a checkbook. She recommends students in unpaid positions put in at least 20 hours at the company before starting a part-time job.
“We try to manage a student’s expectations,” Ruggiero said. The likelihood of finding a paid internship depends heavily on a student’s major.
Most paid positions lie in the corporate sector, especially consulting, investment banking and accounting. Because so many students need help covering costs, many other fields are experiencing an upswing in the number of internships offering pay or lump-sum stipends.
Until this practice becomes more mainstream, however, many students face tough choices in deciding whether to accept internships that provide superior experience, but no financial reimbursement.