How much do internships cost

After reading this article you should have a more realistic understanding of how to prepare your budget for your internship in the U. At the beginning of the process, students only focus on the upfront costs — the sticker price they see for the J-1 visa or placement service.

But this will only be a small portion of your overall expenses. Food, housing, transportation, travel, and free time activities need to be considered as well. We highly suggest keeping track of each dollar you spend and plan to save more money than you might think you need. Understanding the local currency is a very important step when it comes to setting yourself a budget.

Use a currency converter to calculate your budget. Some students have never gone to the U. Use the converter to better gauge how much money it costs on average.

Normally, costs are given in U. Dollar, but in your head you may calculate with your local home country currency. Convert the US Dollar budget to your local currency to have a much better idea of what the equivalent is in your home country currency. You might be surprised to realize that you have already saved more than you expected.

And if not, now is the time to get creative and save a bit longer. For living in a fancy place like Manhattan an intern must expect around 2, USD total per month. Think about alternatives in other parts of NYC and consider a longer commute with the subway or train. When planning to live in an upscale neighborhood such as Santa Monica you must expect rent of around 1, USD total per month. Jennifer Liu. Taking an unpaid internship is a privilege that many cannot afford.

ABC's 'The Middle'. VIDEO These are the highest paying internships in the US this year. Your Money's Worth. Related Video. Do you pay the student during their internship or not?

The answer to whether you can do this legally might depend on which country you are in. Paying the student during their internship and hence being able to market paid internships is likely to yield more and better quality students and lead to improved commitment to the internship on both sides — you company will be more committed because it is paying for the work and the student will be more motivated a because they are being paid and b because you value the work sufficiently to want to pay them to do it.

The risk of unpaid internships is the student may feel exploited and may lack real commitment — you may find it a challenge then to hold the student to account in terms of doing what you want them to do in time for your operational deadlines. That said most interns recognise the value in the work experience. Pay a wage in countries such as France and the US this is, in many situations, governed by legislation.

Academic credits if you have the scope in conjunction with the Academic Institution. Giving them training materials such as books, online paid for resources, etc.