College Graduates Face Hard Times
Lower-Wage Jobs for College Graduates
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| Above is a chart showing the percentage of unemployment rate for specific fields of study and jobs. Graph from Georgetown Center on Education and Workforce. |
Most college graduates will leave school without a job offer
in hand. The Associated Press reported that
nearly half of new college graduates are either unemployed or working in jobs
outside their field. CBS News reported the
weak labor market is leaving college graduates no choice but to turn to
lower-wage jobs that do not completely use their skills and knowledge. The
College Board reports that from 1981 to 2011, the average cost of attending college is increasing. Reports state college has increased 180 percent for private or nonprofit four-year colleges and 268 percent for in-state or public four-year colleges.
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| Above is a chart showing the top ten most expensive colleges in the united states as of this year, according to ABC News. According to Campus Grotto,the cost to attend college exceeded 60,000 dollars for the first time this year. Information from ABC. Photo created by Emily Farns. |
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| Many recently college students are finding it difficult to acquire jobs. President Obama announced that college graduates are finding it difficult to find jobs because of the recession. Photo taken by Mehmed Zelkovic. |
Job Demand Hits a Low
According to an analysis conducted by The Associated Press,
there is a high demand in science, education and health fields; however, arts
and humanities are continuing to struggle. College graduates who majored in
zoology, anthropology, philosophy, art history and humanities are among the
least likely to find jobs suitable to their education level. College graduates who majored in nursing, teaching,
accounting, or computer science are among the most likely. However, CBS News reported that half of the
1.5 million college graduates are still struggling in the job market and
chances of finding a job in your field of study is very slim. Most job openings
are in retail, fast food and truck driving. However, a recent study from Georgetown University showed that 3.4 million jobs have been created since the recovery of the recession began, most of which have gone to people with a college degree.
For tips about finding your first job out of college visit http://www.universitylanguage.com/job-search/job-after-college/
College Graduates not Financially Ready
Not only is the weak labor market lessening college
graduates chance of getting employed, but it is also causing graduates to hurt
financially. Harvard economist, Richard
Freeman reported that 67 percent of graduating college students had some
student loan debt. According to CBS News, the total U.S. student loan debt
surpassed one trillion dollars. While
the student debt is rising, average starting salaries for college grads has
risen only slightly, to about 44,000 dollars. Student debt is just one effect
of the high unemployment and underemployment rate for college graduates.
Parents Prepare for Harsh Economy
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| More and more college graduates are moving back home with their parents to not only save money, but because of the weak job market. College graduates who recently graduated cannot afford to live on their own. Photo from University Family Connection. |
The weak labor market is also causing college graduates to move
back home with their parents. According to a Pew Research Center, three in ten
college graduates are moving back home because they are unable to find a well-paying
jobs after receiving a bachelor’s degree. This is the highest share of young
adults living in multigenerational households since the 1950s. The Pew recently
reported that nearly 30 percent of 25- to 34-year olds either never moved out
of their parents’ home or say they returned home in recent years because of the
economy.
Is College Worth it?
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| According to a recent study, people without a college degree earn less than 30 percent than they did 20 years ago. Photo from Job Mouse. |
