With the rate of unemployment for recent college graduates sitting at less than 5 percent and an increase in jobs, it may be the best time to graduate since the Great Recession. But many grads are finding it difficult to find jobs at their education level and continue to face stagnant wages and the highest student debt loads of all time.
Although college historically has been an excellent investment and grads are finding work, 45 percent of recent college graduates have jobs that don’t require their degrees, according to the Federal Reserve Bank of New York.
Grads also face an average student debt load that has doubled since 1989. Households with student debt owe an average amount of $26,682, according to a recent report by the Economic Policy Institute. Ten percent of households owe more than $61,895.
It’s too soon to know how this year’s graduates will fare in the long run, but statistics show that, in time, graduates should be able to find jobs. As they become more established, their unemployment rate should drop toward the national average of all college graduates, 3 percent, according to the report by the Federal Reserve Bank of New York.
Read more: Kansas City Star