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Loans + Impending Graduation + Bad Economy = Doom, Woe
The news about Obama winning the elections has quickly been replaced with a series of scary headlines:
"Unemployment Rate at 14-Year High After Big October Losses" --NYT
"Wolves at the door: Financial mess and gathering recession dominate Barack Obama's agenda" --Economist
"US Carmakers Said to Seek $50 Billion in US Loans" --Bloomberg
As a senior college student, the quiet terror that I've been ignoring since the first time someone asked me, "What is your thesis on?" has quickly become full-blown quarter-life crisis with the economy getting more shaky by the day, needing to take out more loans, and not knowing what comes after I get my diploma in hand.
Even worse, as a New Yorker, getting into the job market after graduation as a writing major who is into publishing is exceedingly difficult. One out of three jobs is directly connected to Wall Street, so you can imagine how New York City has been affected by the up and down of the stock market. The starting salary for new grads here hasn't kept pace with inflation for about the last thirty years and unemployment nationwide hasn't been so high in over a decade. Food prices have risen about 30% to boot and unlike other parts of the country, real estate prices and rents are rising.
And I'm not the only student who is experiencing the squeeze. I'm one of 1.5 million college grads who'll be job-hunting soon. For the class of 2009, the National Association of Colleges and Employers has more bad news:
The decreased expectation for college hiring that occurred between August and October was broadly felt across industries. Only government as a sector saw a significant increase in hiring expectations, while manufacturing and professional services remain essentially flat. All other industry categories decreased their hiring expectations for the Class of 2009.
For current students, getting loans will get more difficult starting next spring when students apply for more financial aid. The financial aid page on my school's website is covered in listings of banks and loaners that have gone under. Despite fears that students won't be able to find lenders, government-backed loans like Stafford loans are in no danger of disappearing. Although tuition will also be soaring in many parts of the country, thankfully, so is financial aid. Loans will get me through college, but now I just need a job to pay for them, and there are a lot of students who are on the same boat as me.
However, all is not lost! There are a few resources that can help me and you get through college in one piece and help us land a job, even in a worsening economy:
- How to get Scholarships in a Bad Economy
- 2008 job outlook for new grads
- List of career fairs at CareerBuilder.com
- List of nonprofit career fairs at Idealist.org
- It's Never Too Early -- or Too Late -- to Visit Your College Career Office
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- Elisabeth Wilhelm's blog
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leading causes
I think, under the new US presidency, everything in the government system will have changes in its management especially Mr. Obama has political agenda for a change. Amidst the financial crisis, Americans are now expecting for great economic changes. If marriage counseling or payday installment loans can help a couple’s budget and their marriage, they should really consider getting onboard immediately. Financial issues are one of the leading causes of marital conflict. Sadly, the divorce rate is over fifty percent, and a huge reason of divorce happens to be disagreement over money. Many newlyweds rush to the altar, thinking that marriage is a piece of cake with no sour after taste. Although marriage has its rewards, it will probably be the hardest thing you’ll ever do, especially when it comes to finances. I have also experienced marriage money issues. My husband and I think conversely when it comes to money. As a child, I remembered saving every penny I found and overtime, grew into a large sum – enough to purchase my first car during my high school days. My husband, on the other hand, was never taught the money management skills necessary to live a practical adult life. If he wants something, he goes out and buys it. However, we’ve made it work by discussing our problems. We frequently disagree, but every married person can agree that marriage is all about compromise. And we work hard to compromise when it comes to our budget. My marriage advice to any newlywed would be to speak openly with your spouse about everything, especially when it comes to money. Communication is the biggest key to a happy marriage. Seek help from marriage counselors if you need help with your communication skills. And if for any reason you need help covering any unexpected expense, don’t resort to an overdrawn bank account or addition fees. Payday installment loans have helped my marriage on different occasions, and more people should use these types of loans when they’re in a temporary financial jam.