The Odds Are Stacked Against Today’s College Grads [View all]
The Odds Are Stacked Against Today’s College Grads Posted on Jul 10, 2012
If you’re in college or recently graduated, your financial prospects don’t look very good, according to The Associated Press.
Half of all recent graduates under 25 are jobless or underemployed, and many who are working are doing so in low-wage positions that don’t utilize their degrees, an analysis of government data for the AP has found. For those lucky enough to have landed a job in their field of study, the outlook still seems dim. Students are on the hook for an average of $20,000 in loan debt, which they’ll have to pay off on a starting salary in a still-sluggish economy.
Technological advancements and outsourcing further compound the problems that young graduates face. “By some studies, up to 95 percent of positions lost during the economic recovery occurred in middle-income occupations such as bank tellers, the type of job not expected to return in a more high-tech age,” says the AP. Even with these disturbing trends, colleges have decided to increase their tuitions and fees. .............(more)