Unless you want to work there after school, in which case returning is a very good idea, because the whole point of the returning internship pool is recruitment.
> Don't even consider interning part time during the school year. The pay will seem appealing, but it will take away from your college experience. You only go to college once, you should enjoy it to its fullest, you have your whole life to work. Again, money is insignificant compared to your life earnings.
There are lots of reasons other than money to intern part-time during the school year. It provides an outlet to do real-world work and build relationships that will matter for years to come after you've graduated.
The interns who continued to work in some part-time capacity when I was at Apple (and who continued to make solid technical contributions) were almost invariable hired.
> Interning in the Valley is a rite of passage, but after you've done one internship there, consider other places. NYC is great, I live there and highly recommend it
The company in question and the work you're doing matters as much or more than the location you're in. Obviously, you want to live somewhere nice, but if you want to work at a specific company, then that should be what drives your internship decisions.