Graduate students find themselves in a serious situation, where there is a

debt

in tens of thousands of dollars, higher education and no job. When you choose to get a higher education in a decent US University without parental support or governmental grants, you understand you have to take out student loans to pay your tuition, and apply for some student credit cards to be able to afford a student living expenses. Even if you combine jobs with full-time attendance at school you will graduate with the whole load of student loan

debt

.

However, you are convinced, just as everyone else is, that the education is worth taking out a

debt

for – when you graduate your education will provide you with a job that will let you pay off your

debts

in no time and live a comfortable lifestyle. However, the recent events with the economic recession and depression have got us rid of the illusion – there is not enough well-paid jobs for everyone. You have to be more experienced, more prepared, more this and more that in order to get that dream job. Until then you are bound to get at least some kind of job to be able to make a living and pay out your student

debts

. Many graduates are still paying for the things they bought some ten years ago. The stuff is gone and they still have to pay for it. The prospects are gloomy.

Another downside is that when an 18-year old freshman is offered a credit card he eagerly agrees to take out one(or two, or four), because we are not taught personal finance neither in school, nor at home. We are used to consuming more than we can afford. The worst thing is getting sick, because when you do the health care system strips you of your savings in no time. So, it’s not always the irresponsibility of the young that leads them to

debt

. It’s the system built for consuming.

However, no matter what this recession is all about, education is worth having and sooner or later, with persistence and hard work it will start paying off. Yes, you are only a graduate student with no job and a

debt

load, but you have a good start with skill and knowledge that will help you find the job.