Moving back in with mom and dad
After living on his own for a year while attending the University of Toledo, recent nursing graduate Chris Abbas was forced to move back home with his father. "I had no money and nowhere else to turn but home," he said. "But now I don't have to worry about cooking meals or paying bills. There are just less responsibilities associated with living at home." High unemployment rates may cause an estimated 85 percent of recent college graduates to move back home with their parents, according to a recent poll. The consulting firm Twentysomething Inc. which conducted the poll based this information on the unemployment rates and statistics of the fates of 2010 college graduates. This percent is an increase from 67 percent in 2006. CNN Money reports current unemployment rates to be nearly 15 percent for those aged between 20 and 24. Frank Miller, the father of a recent UT graduate said he feels distraught to see his adult child having to rely on him again. "I wanted my son to learn how to live on his own while he was in college," he said. "I can only hope that he works enough at his part time job to afford himself an apartment within the next year." Abbas said his goal now is to save enough money to pay off loans before moving out. "It's better to save money and give up some freedom now than to go into more debt by having to pay bills," he said. James Grant, co-founder of OUR TIME, a national youth organization that represents Americans under 30, said more students need to prepare for these sorts of potential situations while pursuing undergraduate degrees. "Students must align themselves with the work force while in college to meet the standards of the economic times," Grant said. According to Grant, the average amount of debt a recent graduate holds when he finishes college is $29,900. "American college does not guarantee a promising career path, and it is the student's responsibility to set themselves up for their careers," he said. Nichelle Logan, a senior majoring in biology, currently lives in an apartment on her own. She said she does not plan to move back home with her parents after graduating and thinks it would be embarrassing to have to do this. "I'd feel like a failure, like I hadn't accomplished anything," she said. "I guess I would just have to make the most of my situation, pay off loans, and get out of this situation as fast as possible" Jeremy Baker, head of the department of economics at Owens Community College said multiple factors contribute to the status of unemployment for college graduates. "The labor force craves a college education," he said, "Many older Americans aged 45 to 50 have returned to school and earned degrees as well as advanced degrees to better themselves… Upon their degrees, they have years of experience, which will place them ahead of young graduates in the workforce." According to a study conducted by the National Association of Colleges and Employers, 13.5 percent of the graduates from the 2011 graduating class are expected to be hired by employers.
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