Unfortunately, not all internships offer to pay for your time and efforts, and we realize how difficult it can be to sacrifice income for a chance to get your foot in the door as an intern. We do believe that internships will ultimately benefit you in countless ways, so we’re going to break down how to get one and financially navigate them.
It may seem easier to avoid unpaid internships and apply for a job instead. This works if the job uses your education or advances you in your field – but it often isn’t that easy. Many fields require work experience before you’re even eligible for hire, but you can’t get experience unless they hire you. This is where an internship can help fill that experience gap.
Know your rights
Unpaid interns should review the federal and state labor laws surrounding unpaid internships. If you’re not receiving a paycheck, you may be entitled to college credit or a stipend to cover transportation and food costs. The Fair Labor Standards Act (FLSA) created helpful guidelines that you can use to determine fair wages.
If you feel like your rights are being violated as an unpaid intern, you can file a complaint.
Navigating an Unpaid Internship
It may not seem like it now, but your unpaid internship will pay off. Internships can catapult you into positions with higher salaries down the line. Think of it like this – you’re investing your time now and will see the results later.
Here are some tips for navigating an unpaid internship:
1. Stay with parents or find roommates to split housing costs with
The number of Americans living with their parents hit 18% last year – so it’s completely normal for college graduates to move back home to cut spending costs. A possibly more liberating alternative to this would be splitting the cost of rent with roommates. Explore options close to your internship that offer the most reasonable prices.
2. Apply for a part-time job related to your career interests
A part-time job will take away some of the financial strain you endure during your internship. But be careful not to stack too much on your plate. Between school, your internship, and a job, you can experience burnout. You can ask your current employer if they can create an internship out of your position so you can still get paid while adding to your resume. You can also work during the school year and save up for a summer internship.
3. Freelance opportunities
This may not apply to all fields, but if you can offer your services outside of your internship, do it! Freelancing experience still counts as experience that you can add to your resume.
4. Consider remote opportunities to counter transportation costs
After the pandemic, we saw a majority of jobs transition from the office to online. A remote or hybrid internship can help you cut costs on transportation.
5. Seek out scholarships
Be on the lookout for scholarships that your school offers. A simple google search can also direct you to scholarships specific to your field, state, and other factors that can make you eligible for some extra cash.
6. Consider learning courses to add to your resume
There are so many free online courses that you can take to spruce up your resume. LinkedIn, Udemy, General Assembly, Teachable, and many more sites offer free courses that you can take on your own time. You can become certified in countless skills, which are impressive to employers.
7. Chose affordable over luxe office wear
It’s important to show up to your internship dressed professionally, but business wear can be costly. Don’t be afraid to scope out your local thrift shop for affordable options. Retailers like Marshall’s and T.J. Maxx often offer luxury brands at highly discounted prices too.
8. Bring your lunch
It’s easy to buy your meals on your lunch break, but these costs can add up. Bringing lunch to your internship can save you tons, although you should investigate receiving a stipend through your internship to see if they’ll cover meal expenses! You may be able to get your meals covered for you.
This is part of a bigger series that was designed to guide recent college graduates towards reaching their professional goals and benefiting from their studies. Check out our guide to post-graduate life to learn how to leverage your degree financially.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Kristin Lasker
Kristin is a Digital Intern for the Summer of 2022. She's working on a series to help guide recent college graduates to financial success and independence, while working with Nasdaq's marketing team.
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