I appreciate everyone's feedback here. This is my first post on Hacker News, and I didn't expect this kind of response.
I realize that the idea of not valuing one's own time can be dangerous, and lead to a bad dynamic down the road. This is especially true for freelancers. That said, I stand by the point. For a student or beginner, the idea of getting involved with real-world communities, whether its a company you respect, an open-source project you support, or even a non-profit that you believe in, can be very valuable. Sometimes the best way to get involved with these groups, particularly if you have little to offer on paper, is to be creative with how you can help them, knowing that your biggest reward for the contribution will be the experience you gain. I don't see this as being unfair to yourself at all, nor do I see it as selling yourself short.