The Ithacan Thursday, April 26, 20 12
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Volume 79, I s s u e 2 7
— special Package —
The post-graduate outlook Hitting the market
53.6%
of bachelor’s degree-holders under the age of 25 in 2011 were jobless or mal-employed.
See Employment, page 4
See Loans, page 4
"Mal-Employed"
28.1% Jobless
25.5% Source: Center For Labor Market Studies, Northeastern University
photo illustration by rachel orlow
Job market holds mixed prospects As 1,250 Ithaca College seniors prepare for commencement in a few weeks, they are set to face the reality of a competitive job market. And the prospects aren’t looking too great. The Associated Press reported this week that almost 50 percent of recent college graduates were either unemployed or underemployed in positions that did not require college degrees, bringing employment rates for young adults to the national spotlight. According to the Center for Labor Market Studies at Northeastern University, the
staff writer
require a set of college-acquired skills. Martha Gray, director of institutional research at the college, said the college is currently conducting a survey to find out how many of the college’s 2012 graduates have already secured employment. Elise Springuel ’11, who majored in communication management and design, went through many job interviews after college during which she was told there was either a more experienced candidate for the job or that she was overqualified. So she went back to her summer job as a bartender and waitress.
45.4%
percent of bachelor’s degree holders under 25 who are employed in a job that required college degrees has decreased in the last 10 years. In 2000, 58.8 percent of graduates landed jobs requiring college degrees. And in 2011, 46.4 percent or about 1.3 million graduates were employed in jobs requiring a college-level education. Though 74.5 percent of college graduates under 25 were employed after college in 2011, 28.1 percent were "mal-employed," which means more than one in two college graduates faces the possibility of having to settle with being employed as a waiter, retailer or any other low-paying job that does not
by Noreyana Fernando In less than three months, nearly 7.4 million college students across the country may face a jump in the federal subsidized loan interest rate to 6.8 percent, which is double the current interest rate. President Barack Obama is traveling across the country to speak to 30 colleges and universities about the “critical importance” of addressing the Stafford Loan interest rate increase. Stafford Loans are need-based government loans given to students that requires re- OBAMA said payment after graduation. With higher education has never been subsidized Stafford Loans, interest more expensive. does not begin accruing until after graduation. The current interest rate for these loans, which are renewed annually, stands at 3.4 percent, a temporary rate reduction enacted in 2007. Obama held a conference call Tuesday with college and university journalists across the U.S. on his way to the University of Colorado at Boulder. “I’ve always believed that we should be doing everything we can to help put higher education within reach for every single American student — because the unemployment rate for Americans with at least a college degree is about half the national average,” Obama said. “And it’s never been more important. Unfortunately, it’s also never been more expensive.” Obama said the issue is a personal one for him and Michelle Obama because they both graduated with student loan debt. Opponents of the bill argue that keeping the interest low would be too costly — it would cost an additional $6 billion annually to keep the interest rate at 3.4 percent, according to The Washington Post. House Republicans would pay for their one-year measure from a $17 billion prevention and public health fund Obama's law created for immunization
Employed in Jobs Requiring College Degree
By Ithacan Staff
Loan interest spike looms over grads
Ithaca braces for construction jam by patrick feeney staff writer
Ithaca residents are bracing for “carmageddon” as the city begins massive construction efforts this summer expected to block up roadways, leaving commuters searching for detours. Road work, which began April 2 on Green Street, will expand to Seneca Street, North Geneva Street, East Clinton Street and other roads near Cornell University. At the same time, the Holiday Inn on South Cayuga Street will begin its new expansion between the summer months and November. The Clinton Street Bridge will be closed beginning Monday. East Clinton and Prospect streets are the main route to Ithaca College from the west side of the city. Tom West, assistant city engineer, said Prospect Street sees 13,000 vehicles on a typical day. All these vehicles will have to find a detour. The construction period includes Ithaca College’s commencement and moving-out days for the college and Cornell University, creating potential for a backup in traffic during
high-traffic times. It will also continue through August, when students are returning to the area, until November. Seneca and Green streets will be restricted to certain lanes during construction. East Clinton and Prospect streets, which will be fitted with a new bridge in a $5.3 million project, will be closed off entirely. About $1 million worth of repairs will be made on the Seneca Street garage across from The Commons, and the new Breckinridge Apartments buildings will be replacing the Women’s Community Building on the corner of Seneca and North Cayuga streets. West said, because of less economic stress, many of these projects are now being set in place. “Money is available,” West said. “Some of the private projects are able to get under way this year, [and] our projects, the city’s projects, have been in the planning process for a long time.” However, because the climate of the area creates a very brief window of opportunity for construction, West said the time frames of many projects may overlap.
Hero for life Former lineman saves patient's life with bone marrow transplant, page 23
Clinton Street Bridge will be closed for repairs Monday. Construction has already begun on Green Street, and it will expand to Seneca, North Geneva and East Clinton streets soon. Shawn Steiner/the ithacan
“Asphalt plants don’t stay open during the winter in this part of the country,” West said. “It’s hard to get construction workers available for outdoor work. Even with the peculiar weather we’re having, there’s no way to guarantee it.”
Fernando de Aragon, executive director of the Ithaca-Tompkins County Transportation Council, said applying for federal funding for
See Construction, page 4
leading lady
equal raise
Ithaca Ballet artistic director stays true to her passion for dance, page 13
Both full- and parttime faculty at the college deserve a pay raise, page 10
f ind m or e onl ine. www.t heit hacan.org