At my company we are paying $25/hr + overtime (in Cambridge, MA), but lately I'm hearing a lot of students asking for $35-40/hr and wondering if that's a more standard rate nowadays.
Average CCIS Co-op Salaries
Student Level Average Midpoint Average top 25%
Undergraduate First Co-op $20.00 $19.00 $28.00
Undergraduate Second Co-op $22.00 $22.00 $29.00
Undergraduate Third Co-op $23.50 $23.00 $30.00
Graduate Co-op $28.00 $28.50 $34.00
Can you update with a location? I think that matters a lot.
In Georgia, my friends and I were getting from $16-$25 an hour. My first internship paid only $14 an hour, but I got a 401k match of 3%, health insurance (if I wanted it), bereavement leave, paid vacation and holidays. My co-op paid more but didn't have any of those perks.
My co-op 10 years ago in GA paid $12/hr. Now, in SC (upstate, suburb), we pay between $22-26 for an engineering position depending on the longevity of employment. I think $35 is probably way too much for what value you will get; some experienced professionals will take that pay. If you're in NYC... maybe it's a bit more reasonable.
In Lynchburg, VA (it's no San Francisco), my peers think that around $20/hour is a good rate for an internship at a fairly large insurance company. Some smaller businesses and non-profits pay around $10/hour. I've got a lot more experience and some business sense, so I charge significantly more.
Maybe students asking for $35-40/hr because big companies like eBay (in the bay area) pays ~$45-50/hr to interns and students are looking for that kind of money.