Next month, millions of new college graduates are going to spill into the economy. Unfortunately, job prospects for many of them are dim, and the amount of student debt they have accumulated is staggering. Student loan debt has now surpassed credit card debt in this nation and is approaching $1 trillion dollars. Statistics show that nearly half of all new graduates are either unemployed or underemployed. It's scary to think of the implications for our economy with unemployed college grads with this kind of debt. If they can't get a job, they can't repay their loans…and if they can't repay their loans, they won't be putting any money into the economy. It's a vicious cycle.
According to people a lot smarter than I am, young people are getting poor advice about matching up a degree with the prospect of getting a job once you have that degree. Kids are graduating with no idea about what kind of career they might have with the education they just spent four years and a lot of money acquiring. There's a big disparity between the employment prospects for a degree in the science or health fields than for the arts and humanities. Students need to be tutored in the realities of our current job market and how to prepare themselves for the opportunities that are out there for them. When it comes to landing a job, your college major definitely makes a difference. We simply must do a better job of counseling our young people about career options not just securing that degree.