Ask some of the younger employees or other interns that are there. If the answer is yes, seriously factor this into your decision. If you can suck it up and get by for a few months, you might just skip the torturous task of job searching after graduation. While it's not easy to rationalize paying your monthly bills, think about the other benefits that may come from interning. Depending on the industry, perks may flow like cheap wine.
Stories abound in the intern universe of free dinners and concert tickets landing on interns' desks.
Also, if you end up somewhere in the entertainment or publishing industry, expect your social schedule to include some expensed hobnobbing. This facet of the internship may not apply well to those interested in the business or finance world, but you'll be making money faster than you can spend it anyway. If you are so strapped that a few hours every week interning for free would bury you, just look a little harder. For every 10 internships that exploit students and recent grads, there are one or two positions that fork over some dough. You won't be celebrating at the Palm, but at least you can splurge on more than Top Ramen.