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This one's for the college students.
Cruising the blogs yesterday, I found a post on Words on the Page detailing a sham job advertisement looking for students (it's always a bad sign when they're looking for students, isn't it?). The job post was from a start-up "online fashion community" and was looking for bloggers, forum moderators, article writers, e-blast writers, and such to "Devel

Jennifer,
I wrote a post a few months ago on just this topic.
http://theofficenewb.wordpress.com/2008/04/18/copying-for-credit-should-...
Bottom line: unpaid internships are worth it if, and only if, the internship is at an organization that will advance or lend credibility to a later job search.
There is also a link in my post to an article from BusinessWeek looking at unpaid internships from the employer's point of view.
"Indeed, students who are paid during their internship report having a more positive experience in general than those who aren’t paid, according to an Apr. 7 study released by NACE."

Nice post Jennifer! I'm not sure I agree that unpaid internships are worth it in any situation though. Look, we pay a lot of money to go to school, and most of us can't afford to take out more loans to pay bills while we are working and NOT getting paid. Companies should at least have the common decency to pay $8-$10 per hour MINIMUM, for a good student employee. If they don't value you enough to pay you for good work, it's probably not worth doing. Simply providing "experience" is not enough of a selling point these days, in my opinion. Just my two cents.