College Credit For Internships Basically Meaningless?

According to this revelatory (to me) opinion piece by Peter Sterne in the Columbia Spectator, that college credit ain’t worth much. Just a way to let employers hire you for free, really:

“If you’re a Columbia student and you do an internship, Columbia will give you “college credit” for it. This credit, known as “R-credit,” has little in common with the credits you’ll get for passing classes. It appears on your transcript, but it doesn’t actually count toward your degree. It’s basically meaningless.

To receive this credit, all you need to is fill out a simple form, get your internship supervisor to sign it, and submit it to the Center for Student Advising. It would be easy to get this credit fraudulently, but who would want to?”