It really angers me that almost every company requires you to be a current college student to even be considered. This must be one of the dumbest business decisions ever made. The fact that they would prefer a student, who has 5 other classes to worry about along with internship responsibilities, blows my mind. Sure, they are being graded on it, but that really doesn't mean much. You are graded on job performance either way. An unemployed college graduate most likely has more experience and more time to dedicate to the internship without other distractions.
It's a legal requirement in most states for internships -- otherwise it's basically slave labor.