The latest Newsweek features an article headlined “The Great American Internship Swindle,” which documents the growing trend of college students paying to provide free labor for employers. (Not directly, mind you. The students pay for the credit hours assigned to their free labor in unpaid internships.)

Regardless of your views about this type of arrangement, consider the following passage:

Here’s the deal. Employers like to see internships on the résumé. Three quarters of those surveyed by the Association of American Colleges and Universities said they want students to obtain real-world know-how “through internships and other hands-on experiences.” Colleges and universities are listening. According to research firm InternBridge.com, 60 percent of students say internships are now mandatory for graduation at their schools. The result: more than half the class of 2011 had at least one internship, according to the National Association of Colleges and Employers.

Why might employers value internships so highly? Perhaps because of the declining value of the college graduate’s degree. This, of course, would constitute more evidence of George Leef’s theory that college is oversold.