$22,000 in College Loans? What is Present Job Market Situation for you?

The present recession poses a unique challenge to the graduating class of 2009. Unlike previous business cycles the newest batch of graduates will face a tough job market that is already extremely hostile to young workers. According to statistics youth unemployment is already over 9 percent. This is only the beginning of the problem. College is a cost intensive investment that incurs a lot debt for graduates. According to some estimates the average college graduate owes over $22,000 in college loans. Without a good paying job right out of college it becomes difficult to pay off this crushing debt preventing young worker from saving money that would normally go to the first crucial purchases for a young person. Some estimates place the time wasted in financial straits by a new graduate in the present economic environment at somewhere around 10 years.

So what can be done about it? First the importance of networking can not be emphasized enough. Using contacts that can provide you with information about position openings and new market niches can be invaluable. Second stay in school. Earning a higher level degree almost always equals more job security. The dividends of a masters or doctorate are always greater than simply earning your undergraduate degree. Third if possible try for a minor or second major in a field with higher demand for certain skills. Even in this recession there are sectors of the job market that are still hiring. Good Examples are the health care and technology industries.

In the end, though the job market looks rough for the class of 2009, there is still hope. Looking at previous graduating classes people like Michael Dell have used a recession as an opportunity to start a business or take advantage more affordable investments. The biggest lesson is to keep looking for opportunities.