I'm in my last year of college also (ME, not AE, though) and going through the same questions you are. It sounds like you got shorted on your internship pay, because most of us were taken care of pretty well in our internships. I'd wait it out, and see if they offer you a reasonable salary.
Like Tom Andry said, take your friends salary claims with a grain of salt. Talk to your schools career center and academic consolers. They will be able to give you a more accurate understanding of what reasonable pay is.
The good news is that engineers are in demand right now, as long as they are functional engineers (for example, you can lay-up a composite wing, not just screw around with some theory. Do'er-engineers are in demand now.).