How to combine your internship with your academic work?

We are totally in that time of the year in which lots of students start their internship (me included) and I thought it would be cool to discuss that "how to balance internship and academic work" thing together. Of course, I know there are schools that set you free from whole academic work before the start of the year's internship but not every school does that (and mine definitely does not). So, let's discuss the ways I do manage doing an internship, working on my essays, preparing the next academic year and working on my thesis. Ready?