College students around the country are now anxiously awaiting the results of their applications for summer internships. Once a rare added bonus for students, internships have become a standard component of the college experience. And most college students would attest that the need to find substantive summer work each year is crucial.
A post-secondary degree has become increasingly essential for success in the current economy. However, given that financial aid has not kept pace (pdf) with the skyrocketing costs (pdf) of higher education, getting that college degree has become much more challenging. The government has a clear role to play in making higher education accessible for all qualified students. In addition to providing the funds, the government can also help students manage (and insure against) the risks presented by post-secondary school.
Internships-the vast majority unpaid-have become a staple of the college experience. In 1992, only 9 percent of graduating students had participated in internships; by 2006 that figure increased to 83 percent. Internships are often good for both the student and the employer. Yet the current system is fraught with problems. In a previous entry, I discussed how unpaid internships put lower-income students at a substantial disadvantage compared to their better-off peers who can afford a summer of lost wages and the high living expenses of city life. Students who can't afford an unpaid internship don't get the valuable leg-up they need in searching for employment after graduation.
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