It all seemed to crash at once, the stock market, the housing market, people stopped spending what money they had, and then came the job cuts. In the fall of 2008, when most of today’s senior class was entering freshman dorms at their respective colleges, the onset of economic ambiguity peaked. As the class of 2012 approaches graduation, there are mixed sentiments about the current economic climate.
Non- profit research organization The Project on Student Debt stated that the 2010 graduating class faced an unemployment rate of 9.1 percent, and graduated on average about $25,250 in debt.
The unemployment figures from The Project on Student Debt did not take underemployment into account. College graduates may resort to minimum wage jobs, or jobs they are overqualified for because of a lack of higher paying jobs.
Alison Antisz graduated from Rutgers University in May 2011 with a Bachelor of Science in Environmental Policy, Intuitions and Behavior, and a Bachelor of Arts in Planning and Public Policy. She began searching for jobs seven months prior to graduation but still found herself in compromising financial situations.
“After graduation I was working a minimum wage job for the summer in Maryland. I was then offered an independent contractor position in New Jersey and was subsequently let go after about two months with no notice,” Antisz said.
Antisz eventually received a position as a staff scientist at a firm in Morgantown, West Virginia, but explains the road to finding a job she could sustain herself with was not easy, and for many of her friends finding a niche in this economy is difficult.
“In short, I would say it took me about five months to find a job that paid me a decent salary, but I am the only one of my friends that I can say that for, and I know the only reason I can is because I moved 500 miles away,” Antisz said.
At the end of November the U.S. unemployment rate was 8.6 percent, down from 9.8 percent in November 2010, but some economists don’t believe these numbers reflect substantial economic movement.
Professor Bruce Mizrach an Economics professor at Rutgers explained the labor market is weak, and is still in recovery. “For college graduates 2011 was better than 2010, but I think that 2012 will be no better than 2011,” Mizrach said.
Despite skepticism some college seniors are preserving positives attitudes about the economy.
Giuseppe Cefalo, a 24-year-old senior at Montclair State University feels confident in the job search. “I feel confident as far as getting a job, but I do realize how the economy is, and it’s hard out there,” said Cefalo.
Cefalo majored in Broadcasting with a minor in speech communication and plans on applying for jobs in the television industry before May commencement.
While Cefalo is keeping the faith, others working in the media industry are not convinced there’s room for eager college graduates.
Mason Medina graduated in January 2011 from Rutgers University with a B.A., in journalism & media studies, and a minor in history. After an internship with My9 in Secaucus, New Jersey, Medina was able to land a freelance position with the station.
However, Medina gets an average five days per month on the schedule as a freelance production assistant, and after sending out resumes to media companies all over the tri state area, he is extremely frustrated with the job outlook.
Looking back, Medina doesn’t think college was imperative to being successful. “No chance I’d go to college knowing it’s (the economy) is like this, I’d have at least an unsuccessful business by now,” Medina joked, as he explained he doesn’t think it makes a difference whether or not you go to college in this economy.
“I’ve been looking for a full time job for the whole year,” Medina said.
With more than three dozen resumes sent out, he explained, “the hardest part is getting an interview, because no one calls back,” Medina said.
Going to graduate school is a decision that is often weighed by recent college graduates, but being overqualified and still not being able to get a job afterward is a reality they may have to consider.
Christin Nassar graduated in 2011 with a B.A., in psychology from Rutgers, and decided to continue her education by pursuing a master’s degree in social work, also at Rutgers.
Nassar wanted to further her education but the economy affected her ultimate decision of completing a master’s in social work now, instead of following her dream of completing a Ph.D., in psychology.
“Originally, I planned on obtaining a master’s in clinical psychology and then going on to obtain a doctorate of psychology, but during my last semester as an undergrad I realized that financially it would be better for me to pursue an MSW and spend three years in school, as opposed to seven-eight years pursuing a Ph.D.,” Nassar said.
Nassar works as an apartment assistant at Rutgers, a job that cuts the amount of loans she has to take out to finance her education.
Optimism about the labor market after college varies from student to student, and major to major, and some people realize certain occupations are more in demand than others.
“People that went into specialized fields like nursing, radiology, medical positions, or accounting positions seem better off,” said Medina.
Medina said if he could go back to his first year out of high school he might have studied nursing.
The financial implications of going to college and dealing with the possibility of not finding a job afterward are personal decisions each student will have to weigh. “When will I retire? When can I buy a house? Will I be able to have kids and provide for them?” Antisz pondered.
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