Weak Jobs Market Leaves Graduates With No Choice

Following news that job prospects for new graduates has fallen to the lowest level in over a decade, worries about the growing levels of student debt are now coming to the surface. With most job openings being for positions on low income, students are increasingly facing difficulties in repaying their student loans. This suggests future problems for lenders who would suffer should these loans not be repaid.

Whilst graduates are finding it increasingly difficult to secure a career after achieving their bachelor's degree, a lot depends on the degree you complete. Whilst there is falling demand for graduates with arts and humanities degrees, the fields of science, education, and health are seeing strong demand. It seems that it is no coincidence that those graduates who achieve a more vocational degree see a better result at the end.

A number of graduates have lost motivation in applying for jobs.

After starting a job search and sending out three or four resumes a day, some graduates have now resolved to send out a resume every one to two weeks. "There is just not much out there", said one graduate.

As recent data suggests that half of all college graduates are currently without work or underemployed the argument that going to college to get an education and succeed in life starts to look a little thin. Combined with the potential problems of paying off student debt many are now not convinced of the benefits of going to college. Richard Freeman of Harvard suggest that, "if you're not sure what you're going to be doing, it probably bodes well to take some job, if you can get one, and get a sense first of what you want from college."

It is clear that logically for students to pay off their debt there has to be decent job growth for them to gain the funds to pay it off. If this doesn't happen then a number of students will begin to default. Over the last year graduates were increasingly expected to move in to low-paid jobs such as waitressing, bar-tending, and food serving rather than the middle income roles that they will have trained for.

Reports show that graduates who majored in subjects such as philosophy, art history and humanities found it difficult to gain employment appropriate for their qualifications. Individuals who studied nursing, teaching, accounting, or computer science were among those who were most likely to achieve employment appropriate to their level of education. Certain studies suggest that up to 95% of the jobs lost over the last few years occurred in middle income occupation such as bank tellers that may not come back due to computers being able to provide the service.

A certain degree of 'inflation' seems to have gripped the education industry where bachelor degrees are now common place and relatively low level jobs are now being filled by individuals who hold superior qualifications. In a world where gaining a degree may cost upwards of $25,000, limiting the amount money that you will need to spend makes sense.

The increase in online degrees makes it easier to access higher education at a relatively lower cost. Other benefits include being able to study from home, making transport costs lower, and at a time that suits you. Most online courses are now accessible 24/7 by simply logging on to the university or college's systems.

When you hear people say that an education is the way to a better life consider this, interest rates on student debt may soon be rising to almost 7%. Rather than putting you in place to achieve a successful career and cheerful home life, a degree may now be more of a burden than a benefit.

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