As the unemployment rate in California continues to increase, college graduates are facing a rough welcome from the labor force. This month, California is estimated to have a 12 percent unemployment rate. Trends such as this are causing graduated students to move back home with mom and dad.
According to a study by Twentysomething Inc., a consultant firm specializing in young adults, 85 percent of this year’s graduating class will be forced to move back home. With an average debt of $27,000 per student, 2011 graduates are facing historic amounts of student loan debt.
According to last December’s Graduates Outcomes Survey done by SDSU Career Services, there is a higher probability of holding a part-time job while attending SDSU rather than after graduation. Compare the 70 percent success rate of students holding a job while attending college to the 46 percent rate of students who obtain a full-time job or the 8 percent rate for a part-time job after graduating.
“Now that I am about to graduate, I am beginning to feel anxious instead of excited,” television film and new media senior Joshua Marshall said. “I don’t want to see moving back home as an option, but it sure looks tempting.”
When considering what it takes to make a decent living, the American Success Institute estimates $75,000 as an average yearly salary. The dilemma is that the medium reported yearly salary for college graduates is about $30,000. SDSU graduates average at about $42,000.
“The first thing I learned in college was that you have to love what you do, the second thing was that sometimes that doesn’t bring money,” Marshall said.
To increase the chance of finding a job after graduating, SDSU Career services suggested starting a job search early and staying committed. They also advise interning while taking classes because it increases the likelihood of landing a job by 38 percent.