Tax & Financial Information

Summer Internship Funding Program

These awards will be considered as merit awards and could affect any need-based aid that students may be offered for the academic year. Students are responsible for consulting with Financial Aid to estimate the impact, if any, of an internship award on their financial aid package.

For domestic students, the award will be treated as taxable income for federal and state income tax purposes and the University will issue a Form 1099-Misc to US citizens and permanent residents and a corresponding copy to the IRS. Students should consult their parents or a tax advisor for federal and state income tax filing questions.

For international students, depending on the individual circumstances for the award recipient, the university will be required to issue either a Form 1099-Misc or Form 1042-S. Payments to international students may be subject to 30% direct tax withholding.

Funding is not intended to replace wages during your experience and cannot, in fact, replace lost wages. Instead, it is meant to help cover supplemental costs associated with pursuing an unpaid or underpaid internship including, but not limited to, living (housing and utilities), transportation (travel to city of employer, daily tolls/commuting costs), and food.

"Under-paid" means that you may be receiving an hourly wage or stipend for your internship, but that it would not be enough to cover your expenses for housing, travel, food, etc. Students are expected to contribute to the associated costs through part-time jobs, savings, and family contributions when possible.