Look, it's a pretty simple situation. You have a good thing going that's paying you well and offering to cover part of your tuition, which you may as well tack onto your salary (in addition to interest rates on whatever portion they'd cover).
So let's say the difference in pay, benefits, and tuition coverage (plus interest) amounts to, what? $30k over the course of three years? Could easily be more -- again, I don't know what your schooling will cost or what percentage they'll cover.
Are you going to throw a bet of $30k on your < 20-hour-a-week internship getting you a job you couldn't otherwise get without the internship? Seems like a pretty awful gamble to me. The vast majority of internships don't serve as a foot in the door, they serve as slave labor and a largely useless line on a resume that just lets future employers know you didn't spend that time sitting around in your underwear.
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