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Other names for the document:

Student internship agreement
Student internship agreement sample
Internship agreement with stipend
Internship agreement template word
Paid internship agreement california
Internship confidentiality agreement
Internship agreement between university and company
College internship contracts

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Interns and employees enjoy different legal protection. For example, an intern is neither protected against dismissal nor entitled to minimum wage. However, sometimes an internship agreement can be regarded as an employment contract and thus the intern will be protected as an employee.
First, yes it is (i.e. to learn is the primary objective) which is why internships offer a stipend and not a salary. And as long as an internship covers basic expenses, we always recommend students to go for the one which would offer more learning (even if the stipend is lower) and students often make such choices.
A recent internship survey from the National Association of Colleges and Employers (NACE) offers some insight into what employers are paying interns for their work. The average hourly wage rate for a bachelor's degree intern is $16.26. Generally, the closer to the terminal degree, the higher the internship wage.
Paid internships differ from unpaid internships in terms of workload and flexibility. If you are being paid for an internship, you may be treated more like an employee. You are more obligated to do whatever work is assigned to you no matter how tedious and repetitive it may be.