Nearly half of recent college graduates are underemployed (i.e. working in positions that don’t typically require a college degree), according to new research published by the New York Federal Reserve. But that doesn’t mean they’re all baristas — or working in other low-skilled occupations.
44.6% of recent grads are working in positions that don’t require a college degree, but many are in positions requiring a fair amount of knowledge and skill, even on-track for skilled careers.
More importantly, the researchers concluded that underemployment “is a temporary phase for many recent graduates,” and as one might expect, the likelihood of underemployment varies greatly across majors: from roughly 70% of Criminal Justice majors to just 10% of Nursing majors.
While this may not bode well for a good portion of graduates, Fed researchers made sure to note that the majority of those who went to college are better off because of it.
How LRAP Can Help
Still, while underemployed, repaying student loans can be a significant burden – which is where LRAP (Loan Repayment Assistance Program) can help. Colleges partner with Ardeo Education Solutions to provide LRAP (either to all incoming students, to targeted groups, or on a case-by-case basis) to its students.
LRAP promises to help repay students’ loan payments if they’re earning a modest income after graduation. The program covers not only federal loans, but Parent PLUS and private student loans as well – making it a significant benefit for both students and parents.
Ardeo Education Solutions has already helped countless graduates with their student (and parent) loan payments, currently paying an average of more than $800 per quarter to each student receiving assistance.
To learn more about how LRAP can help your students, send us an email to schedule a discussion: Info@ardeo.org