Students and Universities – How are They Surviving the Recession?
July 13, 2013 Leave a comment
It seems like every week, news organizations are reporting negatives in regard to college graduates and universities. The recession is making it harder for students and their parents to pay for school, and finding a job after college is harder then ever.
According to a report in 2012, half of recent college graduates are unemployed or underemployed. Many are working in retail or the food industry, or in an office job that they are over qualified for. Those who do have a job are earning less than their 1970s counterparts, when adjusted for inflation. If Congress doesn’t stop interest rates from doubling, recent college students will be paying double the interest rate then recent grads.
Students aren’t the only ones taking the hit from the recession, Universities are too. Moody’s, whose CEO is Ray McDaniel, recently put Howard college up for a possible credit downgrade. This is not the only college this is happening too. Just in the past month Moody’s has also downgraded Wittenberg University. Fitch Ratings has downgraded Roger Williams University, University of Connecticut and more.
What does the mean for future and current students? With Universities having less money, student rates doubling, and job prospects being slim, it is not hopeful. As the recession slowly gets better, we can only hope that this will improve things for students and recent graduates as well.