Monday, May 14, 2012

Recent College Graduates: How Are They Doing?

So how are recent college graduates faring in the labor market? The results of a new Heldrich Center survey are not reassuring.

Among young adults who graduated from college between 2006 and 2011, only 51 percent are currently working full-time. Another 20 percent are in grad school. Among those with full-time jobs, their median salary is $32,000. The 52 percent  majority is being paid by the hour, and 43 percent say their job does not require a four-year college degree.

If you think that's bad, read on.

At graduation, the 55 percent majority of students were in debt, owing a median of $20,000. Only 13 percent of recent graduates with debt had entirely paid off their loans. A much larger 28 percent had made no progress on their loans. Among young adults in graduate school, the situation was worse. They owed a median of $30,000 in student loans, and 62 percent had paid down none of their debt.

Debt is transforming the lives of young adults. Among recent college graduates with debt, 40 percent say they have delayed a major purchase such as a car or house. A hefty 27 percent have had to move in with parents or other family members to save money.

When asked whether there is anything about their college education that they would have done differently given what they know today, the largest share--37 percent--of recent college graduates say they would have been more careful about selecting their college major. Only 3 percent say they would not have gone to college.

Source: Heldrich Center for Workforce Development, Rutgers University, Chasing the American Dream: Recent College Graduates and the Great Recession

1 comment:

Amanda Stillwells said...

As a recent college graduate I can agree with this, most graduates have a lot more debt then said though.I thought once I graduated I would land an awesome job and be able to pay back my debt in no time, instead I am seeking debt help in order to pay back my loans.