Oh boy, that's rough. So that's a cut to 1/3rd of the total comp you would have made otherwise. Well, almost a decade ago when I interned in San Francisco I made less than 4000 dollars a month and stayed in a shared room with other kids. Haha, good times. Hard to remember those days. I bet with the hours I put in, I was actually close to SF's minimum wage.
I think it's the duration cut that's really rough. I would have taken a shot at proving myself for rent+food alone.