Covid 19 has caused a lot of uncertainty in Jobs. Many Companies are delaying new jobs or stopping hiring. During this time as a student you can use the time to work on Corporate projects that will give you valuable work experience to get a Job when the market improves.
You will get to work with top class industries during these times when college is also happening online. In the best case scenario, if your performance is good, and your project is a success, you could even be offered a job by the Industry.
If the project is a success and the corporate decides to offer a parting bonus, we will celebrate that too
No. Externship by definition is an entrepreneurial venture. If the sponsoring Industry agrees to pay you a bonus, then that is terrific. But, it will be totally dependent on your performance.
Do not fear. You can be a junior member of the team that works on a project for the sponsor.