“Many more students are seeking out internships… making contacts at companies that students might want to work at post-graduation can be a smart move.”
This is particular so for rising college seniors who want to work in banking (or consulting). There is an about 70-80% chance of doing a rising senior internship at a major firm and then turning it into a permanent jobs at the same firm (for at least HYP and Wharton kids). Furthermore, internships at these industries pay well, usually at the base salary rate of the first year analyst. Students thus make around $15-$18k for a usual 10-week internship. A typical summer job surely does not pay anywhere near this amount.