You go to a challenging university because you want to take advantage of their knowledge, to the extent that you're willing to pay them for it. An employer wants to take advantage of your knowledge, to the extent that they're willing to pay you for it. The situations aren't comparable.
I agree that three month contracts should be compensated at contractor wages rather than employee wages, unless the company is also paying for health benefits, some sort of portable retirement plan, etc. Otherwise you're giving up those items in return for zero commitment from the company. Not a good deal.