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Internships are a form of experiential learning whereby students can apply and practice their skills in a professional setting while gaining career and life experience. This study explored internship experiences among students attending an Historically Black College and University (HBCU) in the Southeastern region of the U.S. Using Grounded Theory, 18 students participated in in-person small group interviews at Time 1 and 11 participated in follow-up individual phone interviews 1 year later at Time 2. The grounded theory that emerged from the data depicts the process by which students engaged with, and made meaning from, the internship process. Participants are unique individuals with individual and contextual factors that impact the values and beliefs they bring to the internship process. The internship application process is complex, and support from important others, limitations to internship opportunities, and financial considerations impact students’ experiences. These experiences shape perceptions regarding the value of internships, which informs students’ future projections. In combination, the internship process is a process that unfolds over time and in which students’ experiences mutually influence and inform one another. Implications for internship employers and higher education institutions, applications to career theory, and future directions for research are discussed.