Americans fresh out of university are discovering their expensive degrees are not the entry ticket to a job they had hoped in the face of high unemployment.
Some young graduates are working for free to enhance their skills and bolster their resumes. Some are looking abroad for work while others are determined to push their way into the U.S. job market.
Many U.S. graduates face a further hardship scrambling to pay off loans they took to finance a university education. Many were counting on the higher incomes that college degrees usually promise.
They graduate with an average debt of $27,000 with no means to pay it off and almost 30 percent — or 13.2 million in 2007 — of them are uninsured. One concern is that the graduates will lack the skills they need once the jobs come back.
Lost generation? U.S. grads work for free, look abroad | Reuters
Just goes to chow how relatively quickly things can change. ten to fifteen years ago a person with several years experience in the technical field for example didn’t stand a chance if they were up against applicants for the same job that were fresh out of college. Back then a given company welcomed the chance to “mold” the young individual in their own image so to speak rather than hire someone that would have to “un-learn” old ways even though most applicants with prior experience were experienced enough not to have to.
Now, it appears, things have turned a complete about face in that companies no longer can afford to spend the extra money and man-hours training up a college graduate to the point where they become an asset to company instead of a liability.
Times certainly have changed in a rather short period of time haven’t they?
.-= Kirk M´s last blog ..Russian Subs Off East Coast a Surprise? =-.
Not exactly a rosey picture, eh?
This issue hits home for us this year.
My son had his final final exam just yesterday, graduating with an MBA. Now he is unemployed, has the debt you talked about, and the insurance concerns.
He is weighing his options. He has never been a kid to just stand still. He is always busy either working or doing something crazy fun. I’ll let you know what he comes up with.
.-= Ferd´s last blog ..WAM 2009 – It was great!!! =-.
My older son graduated back in ’05.
He says several of his American friends are joining the Peace Corps.
.-= Cilicious´s last blog ..The Scots Accent Enhances A Good Rant =-.
This is disheartening. But I believe there is always work for those who persist and who use their heads properly. Persistence always pays off.
.-= Keli´s last blog ..Stupidity and Karma =-.
Kirk – kids entering college nowadays must choose very wisely their major. Gone are the days of choosing an easy major, party for 4 years and come out and find a job. (rightly so too)
Cindy – no it’s not.
Ferd – Good luck to your son! Do let me know how it turns out for him.
Cilicious – not a bad idea!
Keli – persistence and a degree that is needed in today’s job market.