Students Earning Expectations May Fall Short Due To Economic Crisis
A college education is supposed to be an investment in your future. Statistics show that the over the course of a lifetime, a college education pays back significantly in higher wages on current salaries when compared to just a high school education. Thus, it would seem to make sense that any college education is a sound investment, although the current economic crisis may mean it will take more time to realize the increase in earnings until the financial climate stabilizes more.
The job market for 2009 college graduates is the worst in years, with even graduate students who banked on an MBA to lead them to greener pastures falling victim to a bad economy. On-campus hiring has dropped 20% nationally by some accounts, regardless of the occupation. Even nurses are having a bit of trouble landing a job – a normally recession-proof occupation. While getting a job requires good interview skills, a well-written resume, and some connections through networking, many students will be competing with older workers displaced in the job market seeking any job now, even entry-level positions normally available to younger workers just entering the workforce.
It becomes even more important to try to reduce the amount of school debt incurred during your education, in the event that a higher paying job is difficult to obtain upon graduation. The stimulus package that was passed contained provisions to increase the number and amount of student Pell grants, in the recognition of tough times for students. The award is a grant that does not have to be paid back and can go as high as $5,350 now. To take advantage of more funds available, students have to be aware that they need to file a FAFSA (Free Application for Federal Student Aid). This will qualify those students who may be able to get a Pell grant to help reduce their college expenses. In the end, less debt coming out, means less stress if a job fails to materialize right away.
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