The amount of compensation employers offer interns will vary, with some internships providing minimal or no compensation. Accepting an unpaid internship may make supporting yourself for the summer a challenge. In many instances, an employer offering an unpaid internship is willing to negotiate other forms of compensation or 'perks'. These can include reimbursement for local commuting costs or meal allowances.
If accepting an unpaid or low-stipend internship, students may consider acquiring a paid part-time position in addition to the internship. Before you consider this option however, confirm your daily internship hours with your employer so a part-time job does not interfere with your primary opportunity.
There may be fellowships and grants you can apply for to help financially support your internship experience. Some academic departments and Residential Colleges offer fellowships that support internships; check with you DUS, Dean and Head of College to inquire if there are awards and funds available for internships or research projects. Additionally, the resources below can help you locate grant and fellowship information.
The Fellowships Office advises student and alumni of Yale College about fellowships, scholarships, and grants. These awards range from full to partial funding and can support domestic and international opportunities in summer research, public service, independent projects, and post-graduate study.
The Student Grants Database serves as a comprehensive, searchable resource for grants and fellowships available to support your initiatives.
The International Summer Award (ISA) provides funding for one summer experience abroad for all undergraduates receiving Yale financial aid. This award applies only to university administered programs, including the Yale-coordinated International Internships Program through the Office of Career Strategy.
Note: Under federal tax law, a scholarship or fellowship provided to a student in a degree granting program is generally taxable. If you are a candidate for a degree, however, you may be able to exclude from taxable income that part of the award used to pay the costs of tuition, required fees, books, equipment and supplies (required fees, books, equipment and supplies are limited to those specifically required of all students in a course). You cannot exclude from taxable income any part of the grant used for other purposes, such as room and board. Please refer to IRS Publication 970, Tax Benefits for Higher Education, Section 1, Scholarship, Fellowships, Grants and Tuition Reductions and the IRS tax guide for students, Taxable Income for Students.
While CIPE cannot offer tax advice, the IRS Tax Office of Court Street does offer free tax advice to students.