Considering an unpaid internship?
December 2, 2011
Even though the vast majority of those who pursue a college education say it's worth it, there's no denying the fact that getting a degree is expensive. According to FinAid.org, tuition rates increase at about twice the general inflation rate. On average, tuition tends to increase about 8 percent per year, which means that the cost of college doubles every nine years.
The College Board reports that for the 2011-2012 school year public four-year colleges are charging an average of $8,244 in tuition and fees for in-state students, while out-of-state students pay an average of $12,526. Private nonprofit four-year colleges charge an average of $28,500 per year in tuition and fees.
The good news for students of all ages is that most students receive one or more types of financial aid. According to the College Board, during the 2010-2011 school year, undergraduate students received $178 billion in financial aid. The average full-time undergraduate student received about $12,455, including more than $6,500 in grants that don't have to be repaid. Mothers who are pursuing a college education can take advantage of grants for parents, scholarships for mothers and other financial aid options to help offset the rising costs of getting a degree.
While getting a degree certainly helps boost earning potential after graduation, many are now speaking out against unpaid internships saying it's unfair and unrealistic to have students who are often struggling to pay for an education work for free while paying tuition.
The National Association of Colleges and Employers (NACE) reports that more than half of students in the class of 2011 had internships, however nearly half (48 percent) of them were unpaid.
NACE also found that there's a difference in the type of work students do when they are paid interns compared to when they are not being paid to gain real-life experience in the work place.
"Paid interns reported spending more time on 'professional' duties and therefore appeared to gain more of the 'real' experience that appeals to employers than unpaid interns, who spent more time on clerical activities," said Marilyn Mackes, NACE executive director.
A paid internship is also more likely to result in a job offer. NACE found that 61 percent of paid interns received offers from the companies they interned for, versus 40 percent of unpaid interns. The paid interns also had higher starting salary offers than unpaid interns.
Still, many people argue that experience - especially in your desired field - is valuable regardless of whether you're paid or not. After all, the job market remains difficult.
"If you don't have lots of things on your resume, then it will be trashed," recent graduate Jillian Skrocki told Newsweek.
