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Accomplish November 1, 2018
It's the least they can do after charging tuition.
So you landed an internship, and it has everything you need to move forward professionally. Maybe you want to brush up on your networking skills, or you’re looking to explore a new career path. Whatever the case, you’re stoked. Except for one thing: it’s unpaid.
Here’s the thing. The position is totally worth the pay, or lack thereof. But it might not be financially possible to survive without a salary— especially if it’s out-of-state. So how do you pay for your living expenses?
As it turns out, there are a few things students can do to get their university to chip in. Here are three ways you can get your school to pay for your unpaid internship.
Many colleges offer specialized grants, stipends and scholarships that specifically cater to student internships. These are probably your best bet to fund your work experience.
University of Chicago students, for example, can apply for the Summer Action Grant for some extra cash. Barnard College, Brown University and Lafayette University all have programs that offer a variety of grants and stipends to eligible students with unpaid internships.
Depending on the school, you could potentially receive grants based on your internship’s industry, location or other factors. The University of Notre Dame’s Program at a Glance awards up to $1,000 and $3,500 for paid and unpaid internships respectively. If the internship is based in California — like ENTITY Academy, for example — then Notre Dame students could apply for the Notre Dame California Fund, which pays up to $5,000.
Certain fields can have more grants for unpaid internships than others. In 2018, UCSB supported unpaid internships in “non-profits, government, education, arts, public service and other industries that traditionally do not pay interns.” The Pat Rosenzweig Fellows Internship Fund at University of Chicago also provides specific funding for unpaid internships in non-profit organizations.
Each school offers something different, so start researching! There could be a grant out there with your name on it.
Let’s say you can’t work part-time during your internship, but you’re planning to work for pay afterward. It’s horrible timing. You will have the money soon; you simply don’t have the money now.
If you’re in this situation, request a loan! As long as you can reasonably pay it off within a relatively short amount of time, this can be a solid option.
However, there are a few things to consider. The first is interest. Remember that you will be paying back more than you originally loaned, so make sure to calculate that into your financial plan. Also, compare fixed and variable interest rates to determine which is the best choice for you.
You should also research other lenders before resorting to your university. Federal loans, or loans funded by the federal government, may be a better option.
Lastly, make sure to meet with a financial adviser. Your school’s financial aid office could be useful in this area. Read the fine print to see if you missed any essential information or potential benefits.
If you’ve done all of this and you still want to apply for a loan through your school, there are a couple of ways to do it.
Some schools can connect you directly to outside lenders. Case Western Reserve University provides the option to “compare lender benefits and services” through the FASTChoice Lender list. After reviewing the list, students can apply for a loan online.
Other schools have specialized programs to help out their students. In 2009, the website UniThrive.org allowed alumni to act as lenders to “cash-strapped students.” Unfortunately, the site no longer revolves around loan exchanges, but some companies are looking into similar systems. According to HappySchools.com, the website SoFi has started talking “with several US business schools to start issuing loans to students through the schools.”
As you might have gathered, these opportunities vary depending on your school. The best way to understand your options is to meet with an adviser from financial aid or career services. They can redirect you to grants, scholarships and stipends that fit you. Furthermore, they can provide insight into specialized programs that only your university offers.
Hopefully, your unpaid internship seems a little less financially daunting! We wish you the best of luck in finding funding.
And if you’d like to apply for our summer 2019 ENTITY Academy Program but need financial aid, click here to see ENTITY-specific funding.
