85% of this year's college graduates will be moving back home
Student Loan Debt And Tough Job Market Send College Graduates Back Home
May 17, 2011
Faced with a high unemployment rate, a mountain of debt and a competitive job market, many 2011 college graduates will be returning to the nest after receiving their diploma.
The New York Post reported that a survey conducted by consultant firm Twentysomething Inc. showed that 85 percent of this year's graduating class will be moving back home; that's up from 67 percent in 2006. While moving back in with mom and dad is not ideal, many grads simply have no other choice.
Despite the fact that companies are beginning to hire, many young people are still having trouble finding a job. As the New York Post pointed out, young adults are extremely frustrated with the job hunt.
"I've applied for between five and 10 jobs a day, and have had a bunch of interviews that have gone really well," said Madison Grieco, a straight-A student who earned her bachelor's degree from Berklee College of Music and took business classes at Columbia and Harvard. "Each time they say the same thing--we've got no jobs, hopefully we can call you in a few months."
46. I don't think that's the case at all. Vets make very little in comparison to people doctors.
Edited on Wed May-18-11 01:11 PM by Shagbark Hickory
Vets are constantly getting bitched at about their prices and if people don't have the money, they put their pet to sleep, or set it loose somehwere or turn it in to the pound or let just it suffer.
I often wonder after leaving the vets office if I actually lost more money from taking off work to be there than they made from me. And I aint got no college degree. Nor will I be paying a student loan off for the rest of my life.
"On an annual basis the average Veterinarian salary is $90,110. The lowest 10% earn less than $47,670 per year while the upper 10% earn more than $142,910 per year."
So, like any proffesional service it all depends on where the vet locates, and how the vet runs their business. It is certainly NOT a recession proof business; as you state when people can't afford to pay the vet, they just don't get the animal treated. The clinic where my son is employed as a vet tech has seen their patient visits fall off by nearly 50%.
It seems like there's a vet/animal hospital in every shopping center, few seem busy to the point where there's people waiting in the lobby. Appointments are seldom necessary it seems. It seems like they're trying to make money on everything they can, grooming and boarding especially. The vet I was getting for a while looks absolutely miserable everytime I see him. Lots of turnover.
How it is for your son in a different area may be much much different.
30. he was out on his own, and gainfully employed...
...when he quit his well paid job with the masons union, and went back to college. I have no doubt that with a DVM he'll find work. He's already working as a vet tech, and has interned at a couple of large commercial dairies.
4. This causes a strain on we of the "Middle Years" parent group.
My son is basically stuck with us until the loans are paid. 2 yrs college -$550. a month for 10 yrs means he can't afford an apt. or a house. At least he has a job as a machinist using the skills he got at his vocational high school.
12. Because if she had studied something else, she'd have a good job......
Edited on Tue May-17-11 10:32 PM by Juche
The people with degrees in 'serious' fields like nursing, math, chemistry, economics, etc are struggling too. A coworker of mine was telling me how her friend's mom is a nursing instructor, and how she was saying all the kids who thought a degree in nursing would open up career doors are going to be sadly disappointed when they graduate.
Due to the recession a lot of boomer nurses who were going to retire can't, and are staying on the job. Plus a lot of part time nurses are becoming full time because a spouse or child was laid off. And nurses who left the field are going back for the same reason (family members are laid off, so they need the extra money). Plus with high unemployment people are putting off medical care. THe end result is that nursing jobs are hard to find for new graduates since so many people already in the field are staying there, or converting part time to full time. Increased supply of experienced nurses since fewer are retiring and the ones already in the field want more hours + decreased demand for nurses since people are putting off medical care in the recession = unemployment for new grads.
The reason I bring up nursing is 5 years ago nursing was promoted as a 'guaranteed job out of college' degree and there was endless talk about the nursing shortage (before this recesson, job openings in the field outnumbered applicants by several hundred thousand nationwide), so the schools are/were highly competitive because nursing is/was seen as a way to get a 40k a year job out of college with an associates degree. I'm not a nursing major, but the point is even the most 'in demand' degree doesn't pay off in this recession.
If the degree that is promoted as the most likely to lead to a good job now leads to unemployment then you can't really blame the major. All majors are suffering as far as I know.
I was wandering around in middle NJ, and while I was waiting for my oil to be changed I started talking to a nurse grad who was working at a nursing home on the weekends, because she hadn't found a job yet. Upon further inquiries, several of the local hospitals have been laying off nurses.
They're trying to cut their costs.
I know nurses in GA who aren't getting anything other than on-call work, and are driving an hour and a half to get that.
Also, lots of hospitals have gone to Magnet Status which shuts the LPN's out of the job market. Many of the Magnet hospitals are changing their standards and hiring ONLY BSN's--which shuts the ADN's out of the job market.
As stated above, people aren't leaving their jobs--PRN's are converting to full-time because of spouses losing jobs--there are a lot of factors converging on our profession right now. This isn't to mention the deliberate understaffing by the hospitals.
24. This is why I believe the Overlord class wants to destroy Medicare.
They were frightened by all the talk of moving eligibility to Medicare with a buy-in to 55. I believe that would have lead to early retirement for quite a few people. Currently, health insurance is the American equivalent of indentured servitude.
so I know things are hard for new graduates right now, but at some point that time will pass, and those who are prepared will see the benefits. Those who did nothing because they kept a short term outlook on things will be scrambling to get undesirable jobs.
That is what I've heard on it (you probably know more since members of your family work in the field though, my major wasn't nursing and I'm going off what I've heard in the news). I've heard that it will possibly be 2020 before the economy is secure enough and enough of the boomer nurses either choose to retire or are forced to for health reasons before the new grads to start getting into the field again.
A degree in nursing is still probably one of the most marketable degrees, and much more marketable than a degree in music. But even the graduates in the nursing field are having trouble in this economy despite it being promoted as the best degree to find a secure job available just a few years ago.
which it is a surety that some will--that will shut that down.
My mom works in an ancillary healthcare area that is almost completely Medicare funded. She is worried because they were told that their jobs would become almost extinct if the changes go through.
So many of healthcare jobs are dependent upon Medicare--I read at one time that 65% of healthcare costs are covered by Medicare. I can't verify that figure but I will at least say that it isn't that far off--especially in the hospital.
48. School loans can be deferred, almost indefinitely last I checked
Unless it's a private loan. For the other stuff, hopefully they can move in with parents or a friend until things pick up. Unemployment for college grads is something like 4.5%. The grads also have to be willing to move out of state to get a job. I know several people who've had to move across the country to get work.
I know my points will be annoying to some, but I think college is a worthwhile investment.
My degree has opened doors, and the experience of being in college made me much more mature and well rounded. It was worth the debt which I managed to pay off early by moving home and putting my extra money into principal payments. However what I meant in my original post was that it wouldn't matter if the person in the OP had studied something other than music, she'd still be struggling.
Nursing is probably still one of the most marketable degrees to get. But things are so bad that even new grads in that field are struggling.
65. Nothing wrong with majoring in music, you just have to market yourself a bit more
Unless you're in a technical field, you don't learn a whole lot of actual knowledge that you will use in the workplace. What you do learn that is useful in the workplace is how to read, write, communicate, think critically, and in some cases do math. There's no reason you can't learn all of these things studying music just as well as you could learn them majoring in a liberal arts field. You just have to take the initiative to do so while you're studying and be able to convey on your resume that you did more than just play the Cello for four years.
77. Also, Berklee tends to emphasize the "professional" in professional musician
They focus a lot more than a generic music school or even a conservatory on the business side of things, and have tons of networking contacts in musical theater and the tv/movie/advertising fields.
And like you say, except in some specialized cases, the degree topic doesn't really mean that much, especially a few years out from college. I went from a history degree into a computer programming job. My wife has a chemistry degree, and I was surprised at just how little value the job market places on a difficult hard-science degree like that.
11. Two of our three kids (both < 30) have moved back home
and we now have 5 dogs! Two Bostons, a wiener, a shar Pei and a border collie/mutt. Our nest was empty for three years...no more! The tough part is that one's unemployed and the other is working at a temp job that ends in June. Hopefully that will change soon. But this seems to be the new normal!
If I don't pay my bills, I get a foreclosure notice and they cut off my phone service and there goes cable tv.
I don't have to pleasure of having anyone to fall back upon. Or should I say we?
In my day, college grads and those of the same age lived in apartments with multiple roommates. They worked at whatever job they could. They made sacrifices. No expensive cell phones, no eating out frequently, no car payments.
Maybe I was just lucky, as I went to University on scholarship and my union job paid for the other expenses, such as my last year of college and the books.
I know that times are really tough out there, but I just have to say....many parents these days are enablers. I don't have children, so I don't know of this unconditional love, which I am sure every parent will lecture me on soon. :-)
I do know that my father enabled my brother to drink himself to death. If my Dad wouldn't have died, I would have probably been taken care of by him as well. As a matter of fact, he did help me outta a few jams. Now there is nobody on either side to help us financially if need be.
I see no good coming out of adult children moving back home for long periods of time.
Just my humble, experienced opinion and I'm sure I will get slammed...but hey, I lived it and wish that my Dad would have not supported my bro so much.
21. Well, I did after I graduated. I didn't have a job yet because I wasn't sure where I wanted to live.
My parents and I agreed that I could live at home for three months -- the summer -- after graduation while I figured out my plans. I would then start paying rent on Sept. 1. I moved 500 miles away, found an apartment and started a job before the middle of August. It wasn't a big deal -- it was just a chance to take a breath after graduation.
If their friends find out they're moving back with their parents, they'll still look down on them. They expect them to move out of their parents place into a crime-ridden area of a city and "get their ramen on". Trust me, that are people who think that way...
but parents are supposed to kick their kids out at 18.
The further and higher people are expected to walk the tightrope out on their own, the larger and more numerous are the safety nets they need. We want everyone to be independent, but then everyone needs to depend on each other. They seem to be very conflicting ideas.
It takes far longer than that now. Maybe in the 90s, 1-2 months was a reasonable time because employment was better. But now, not so much. Not only that but even when jobs do exist many jobs open to new grads are temp/contract jobs which are very insecure and have no benefits.
A lot of new grads are facing long term unemployment, underemployment or if they can find jobs in their field they are temp/contract jobs in a 2 tier wage system.
57. Even so....whether it's 1-2 months like when i graduated from college....
or it's 1-2 years, the vast majority of people have always moved back home directly after college while they figure out what their next move was. I literally only knew a handful of people who had jobs lined up after college, and even a couple of them moved back home so they could find a place to live.
..a return to the Economic Policies that allowed anyone to obtain a University education by working part time, and graduating Debt Free. THAT was the NORM in the late 60s. I know because I did it, but THAT was back when we had a Democratic Party that STOOD for The Working Class & The Poor.
66. I initially listed Philosophy, and then replaced it with Sociology.
Someone who is well read will deal with Philosophy without actually taking a course labeled "Philosophy". The Study of Philosophy is only meaningful for those who have secured the first three levels of Maslow's Hierarchy of needs, and as such, is removed from the pleasures and pains of every day life. I replaced it with Sociology because I felt it would focus on the growth and interface between cultures throughout History.
I can't imagine five minutes of that shit. Zero privacy, baby shit stench mixed with old-people smell, trying to have a romantic married life in the same house as the parents, and breathing the recycled air of four generations just does not sound like any way to live.
It's no accident that society moved past that crap as soon as it was able.
our son graduated in 2002 and moved back home at our request. We wanted him to live in our house because we spend 1/2 our time in the Philippines, but as soon as he got his student loan paid off he bought his own place and moved out because he felt weird when we were home
64. Many college grads are in the 'unique' position to pickup and move for work
unlike many of their parents who may be 'stuck' with a home they can't sell so they can't move for a job. There is then also the possibility of moving to another country for a job. It certainly has more 'risks' in picking up and going away from everything familiar and any known 'nets' like friends/family but those ARE options.
Certainly we'd all like to see college education free or cheap enough for many more people to go, not just kids but adults for some career shifts as we see fields decimated.
70. My daughter works at a grocery store with a couple of people who will be graduating from college
this year. Both had planned to leave their jobs.
One works in the office and just graduated with a degree in teaching. There aren't any jobs for teachers in this area, so she is going to stay where she is with the same job except now she has a degree.
The other graduated with a degree in Business and he was just promoted to a Dept. Manager and put on the Management track.
I do have to say that this grocery store chain does it best to move people up into positions to accommodate their achievements.
In the last couple of months, everyone has seen their hours cut because business was slow, but the manager had a meeting with everyone and told them that if they could hang in there, this was the only way he could save everyone's jobs--and that business picks up in the summer and then everyone will see their hours go up. This was an across-the-board hour cut--it affected them all. "Real" shared sacrifice.
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