By Alexis Taliento (UG’24)
Summer internships hold tremendous value for students and recent graduates, providing valuable hands-on experience, networking opportunities, and a glimpse into potential career paths across various industries. However, the financial strain associated with internships can be a significant barrier for many aspiring interns. From travel expenses to housing costs and often inadequate compensation, navigating the financial aspects of internships requires careful planning and resourcefulness. Below, we will explore strategies for making summer internships more accessible, focusing on budgeting, seeking scholarships, maximizing available resources, and finding affordable housing solutions.
1. Budgeting Wisely & Living Below Your Means:
One of the most crucial aspects of preparing for a summer internship is creating a comprehensive budget. Start by estimating all potential expenses, including travel costs, housing, food, and other essentials. Then, compare this total to the income you expect to receive from the internship. If the internship is unpaid or offers minimal compensation, be particularly mindful of your spending or seek grants and scholarships (this will be discussed in the next point).
Living below your means is a key strategy for making summer internships more financially feasible. Embrace a minimalist lifestyle by prioritizing your needs over wants and avoiding unnecessary expenses. Instead of splurging on luxury items or entertainment, focus on experiences that enrich your personal and professional growth.
Consider adopting budget-friendly habits such as looking for student-discounted activities, affordable housing options, exploring public transportation or carpooling, and cooking meals at home instead of dining out frequently. Small adjustments can add up and make a significant difference in your overall budget.
2. Seeking Scholarships and Grants:
Many organizations offer scholarships for students participating in internships or other experiential learning opportunities. Take the time to research and apply for these scholarships, as they can help alleviate the financial burdens associated with internships.
Syracuse University and individual colleges within Syracuse also offer internship scholarships to students. All sophomores and juniors fully enrolled at Syracuse can apply for the Internship Funding Award, which can help cover expenses of a paid or unpaid internship based on certain requirements. This application can be filled out via Handshake and is open until June 11, 2024, allowing ample time to secure a summer internship and manage plans and budget.
In addition to the University-wide internship award, you can also apply to your respective college’s internship scholarships and grants. The Whitman School of Management, Renee Crown Honors College, College of Arts and Sciences, College of Engineering and Computer Science, and other colleges have financial resources you can apply for and further inquire about. There is also the Clements Internship Award available to Syracuse University students, which you may apply for your specific opportunity.
If you are working an unpaid internship and are unable to secure a grant or scholarship, you can also apply to receive credit for your experience that can be applied toward your degree. Speak with your respective advisor on how to proceed with this process.
3. Finding Affordable Housing Solutions:
Securing affordable housing can be one of the most daunting aspects of preparing for a summer internship, especially if the internship is located in a high-cost area or far away from home. However, with some creativity and resourcefulness, you can find housing solutions that fit your budget.
- Subletting or Short-Term Rentals: Explore options for subletting a room or apartment for the duration of your internship. Websites like Airbnb or local housing groups on social media platforms often list short-term rental opportunities at competitive prices. Be sure to thoroughly vet potential subletters and clarify rental terms to ensure a smooth and secure living arrangement.
- University Dormitories or Student Housing: Some universities offer housing options specifically designed for students participating in summer internships or research programs. These accommodations are often more affordable than traditional rentals and may include amenities such as furnished rooms, communal spaces, and access to campus facilities. Contact the housing office at nearby universities to inquire about availability and application procedures.
- Commuting from Home: If your internship is within commuting distance of your permanent residence, consider living at home for the duration of the internship. While commuting may require additional time and transportation expenses, it can significantly reduce housing costs and allow you to maintain a familiar and comfortable living environment.
- Negotiating Housing Benefits: Don’t hesitate to negotiate housing benefits with your internship company, especially if the internship is unpaid or offers minimal compensation. Some companies may be willing to provide housing stipends or assistance in finding affordable accommodations for interns. Be proactive in advocating for your needs and exploring potential housing benefits as part of your internship package.
By implementing these strategies, you can make summer internships more accessible and attainable.
Reach out to the Office of Financial Literacy or the financial aid office with any questions or to book an appointment!