<human>: Can you give me the gist of the text in a nutshell?

Hi All, 

I'm at a bit of a crossroads. Here's some background first. I've been working at a non-profit for about 4 months now as an "intern". After checking my local laws, I've found this internship to be illegal as it does not meet the required criteria of an internship. As a new grad, I was eager to get experience and, despite the low wages (well below minimum), I signed the contract. Generally speaking, it's been good and I've learned a bit. I am directly responsible for the management of the office and assisting the boss in his everyday work. 

Now, the problem: My contract is ending in a couple weeks and my boss -- who I've known for years -- has offered me another contract. The only problem is this: while he told me he'd offer me a more permanent and better paying position, the new contract is a significant letdown. It's barely (and I mean barely) above minimum wage and only three days a week (like my current contract). It extends 8 more months. While it's true I have limited experience, I contribute greatly to the organization, to which other employees would attest. It's not uncommon for me to work from home on weekends, too. 

The other people there (only five or six, some part-time) make triple or quadruple what I would be making upon signing. Honestly, even if I were to work another job, which would be difficult given my schedule and commitment to this job, I'd barely make ends meet in the city I live in. Unfortunately, I'm well-aware the organization is struggling to stay afloat; however, if they can pay other employees quadruple what I make for tasks similar in skill to mine (when the job is already fairly technical), I feel I should be able to get an additional $3 an hour. Although, he said he couldn't afford to pay anymore, and I didn't even negotiate yet. 

Should I stay on for experience or look for something else? I should add, there is a 30 day notice required upon leaving.
<bot>: Been working at organization as "intern" for 4 months. New contract offered and is far below expectations and, I believe, unfair. Not sure if I should stay on for another 8 months. Experience vs Pay?