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Weighing the Total Internship Benefit Package
When evaluating an internship offer, nailing down the internship housing stipend is only one piece of the puzzle. Other important questions include:
Is It a Paid Internship?
Paid internships not only ease the challenge of covering housing and living costs, but set college students up for greater post-academic success, since paid interns receive more job offers than unpaid interns and those who skipped internships altogether.
Are Relocation Benefits Covered?
More than 46% of employers cover the cost of their interns’ round-trip travel costs—either as a lump sum or reimbursement. With gas and airfare costs on the rise, this is an increasingly-important consideration.
Does the Employer Offer Tax Gross ups?
You know your wages are taxable, but did you know that intern housing stipends and relocation benefits are taxable, too? For this reason, some employers “gross up” their benefits to cover the cost of these taxes. Either way, it should be part of your cost calculation.