Student Loan Borrowers Have More Job Opportunities
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UPDATED: Apr 3, 2012
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The year of 2012 is bringing it with it reports of more jobs and larger paychecks, which is great news for graduates carrying student loans.
This optimistic news is exactly what student loan borrowers who have been losing hope need to hear. As one student interviewed by CNNMoney said, “I worked really hard, and, you know, paid so much for an education, just the idea of going out into the work force and not being able to secure something is very scary to me.”
But this year’s reports are showing that more of our indebted youth may find careers in their fields of study.
According to the National Association of Colleges and Employers (NACE), graduates from the class of 2012 have more job opportunities available to them. NACE took a sampling from 160 employers and found they expect to hire 10.2 percent more graduates this year than they did last.
That sampling has already reported 15,767 job openings for graduates this year, which is up 10 percent from last year at this time, and more than three times the amount posted at this time in 2010.
These increases couldn’t have come at a better time for student loan borrowers, as employers are reporting a steep increase in job applications, with nearly 33 applications for every listing as opposed to last year’s 22 applications.
Fields with the largest demand are engineering and business, with a respective 69 percent and 63 percent of employers reporting that they’re hiring graduates.
Additionally, NACE says student loan borrowers from the class of 2012 are being offered average starting salaries of $42,569, which is up by 4.5 percent from last year.
Both the engineering and business fields are offering average salaries above $40,000, but engineering pays the most of any field with a starting average of $58,581. Education-related careers increased by 4.5 percent this year, but are still comparatively low with a median of $37,423.