Summer Interns Paying $10,895 for Unpaid Internships

Although the economy absolutely sucks for job hunters, the fierce competition has caused a counter-intuitive phenomenon: students are now paying to get unpaid summer internships!

Last week the Chicago Tribune uncovered the new trend and showed how companies such as Fast Track and University of Dreams are charging anywhere from $799 for a standard internship to $10,895 for an internship at the Washington Center in DC.

If you or your parents have the money to burn, by all means pay to work. However, this type of arrangement is just another example of money wasted on excessive schooling in an economy where most students remain heavily in debt long after flipping their tassel to the graduate side.

This weekend my wife and I were discussing this very topic. We know people with expensive graduate degrees in social work from Columbia University. These friends are now complaining they will need decades to pay off their debts. Some of them have even become pharmaceutical sales reps in hopes of paying off the debt and starting their desired career in social work.

Paying money for an unpaid internship creates the same problematic mindset. Don’t get sucked in. There are millions of people who are very successful in their career and they never paid for internships or went to expensive schools. Instead, they used common sense, worked their asses off, and got ahead by doing valuable things.

I don’t think these internship services are a “Fast Track” or “University of Dreams”. Rather, they are a fast track philosophy which leads to bankruptcy or the fulfillment of deadbeat dreams. If you want a fast track to success, find a job that pays you!

What do you think about paying for unpaid internships? Let us know in the comments below or click here to chat in our new Forum.