Internships are widely promoted as a "high-impact" practice, yet the literature is limited by insufficient attention to the impacts of program format on student outcomes. In this mixed-methods study survey (n=1,129) and focus group (n=57) data from students in three U.S. colleges were analyzed using inductive thematic analysis, chi-square, and hierarchical linear modeling to document intern characteristics, access-related problems, program structure, and impacts on student outcomes. Results indicate that internship participation varied significantly by race, institution, enrollment status and academic program, and that high degrees of supervisor support, supervisor mentoring, and relationship between internships and academic programs were significant predictors of students' satisfaction with internships and perceived value for their career development. Consequently, colleges and universities should work to ensure equitable access to internships and that additional research be conducted on how individual, institutional, and programmatic factors influence student participation in internships and their subsequent outcomes.