Till a couple of years ago, the normal trend for college graduates was to start living a financially independently life after having completed graduation. But that scenario seems to be changing and many graduates, due downwards economic trend, are coming back home and staying with parents.
There is little doubt that furthering your education at college is a once-in-a -lifetime and the best investment you could make. However, college education is very expensive, and difficult to complete for most students unless they avail of one of the student loans.
The International Business Times agrees that unemployment among graduates is rather low and there has been a steady decline in the rate of unemployment over the last couple of years. Nevertheless, as per the reports of USA Today, graduates looking for jobs are facing stiff competition, not only from their classmate but also from those who graduated in preceding years, retirees coming back to work and those who were laid off in the recent past. Having finished their education, it is vital for graduates to get employment, especially for those who availed student loans.
Job Opportunities for Graduates
It has been analyzed that graduates have been facing unusually high competition since spring 2010, but there are signs of unemployment coming down. The estimated salary of a graduate of 2010 is $30,000 – $40,000. So, even if college graduates get jobs, will they manage living of their own!
Recent graduates who failed to get permanent jobs would be left with no option but look for part time jobs or jobs that don’t demand their major or their kind of internships, though networking and pertinent work experience is expected to help them getting jobs.
Moving Back Home
Graduates who are unable to get jobs offering high salary are moving back to their parents. The main reason for doing that is to be able to payback student loans; else a good part of their salary would go towards paying for rent and food. Other than paying their loans, they can also save money for moving out eventually. However, moving back to home can be quite tough for some after having lived at college. The Huffington Pot, while referring to a story from Twentyomething Inc, estimates that 85 % of those who graduated in 2011 are likely to move back to parents. Further, The Huffington Post points out that the average amount of loan that these graduates need to payback is $27, 2000.
On taking consideration of the above figures and reports it is not difficult to assess the dilemma of present day graduates. They need to have degrees, yet face the difficulties of paying back student loans they had availed of.
So, what’s the future of today’s graduates? A report from Projecton Student Debt indicated that the average debt towards student loans of over sixty percent of graduates was about $25,000. These students are facing an unemployment rate of 9.1 percent, the utmost in modern history. They have a long way to go before things go back to the way they were. Going by the data provided by the Bureau of Labor Statistics, it is estimated that nearly thirteen million young people in America are either without jobs or accepting jobs that don’t need college degrees or working part time.