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Impending economic downturn and college/college graduates


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Is anyone else feeling overwhelmed by the thought of the inevitable economic downturn and our college kids?  Not just expenses, but job fallout?  I'm looking at my kids and I am honestly depressed thinking about how things will unfold over the next few yrs.  

For people facing large college bills, are they reconsidering?  With the stock market collapse, how many kids are facing unaffordable future expenses?

(I just read the most depressing economic forecast.  Absolutely overwhelmingly depressing.)

Edited by 8FillTheHeart
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Ds needs 3 courses after this semester to finish his degree. They are all upper level major courses, so not all offered at once. He planned on going part time and finding a job this fall. I'm concerned about the university offering those courses and the availability of jobs period. He planned on getting a night stocking job at a grocery this summer, but now he's super concerned about virus exposure. He lives with my mom who is 83 and doesn't want to bring home anything to her. 

He's a math major with lots of computer science research, so I imagine he'll be okay down the road if he can finish his degree- I see tech still being important. 

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I only have a high school  sophomore, and I moved his very small college savings to cash equivalents just at the beginning of February, but I very much feel for many of our kids that the rug is being pulled very fast. I’m reeling a little bit and am tempted to let him enjoy his new-found video game time rather that communicate the damage until we really know the extent of it all. We use dark humor, it helps. I had to look at something for work the other day and it was exactly the sort of thing we had to look at at Lehman-time. When my entire class lost their jobs. So I have some PTSD but you know what, all those people are okay now. 
There’s just not enough worry to go around. The kids, the friends with restaurant jobs, will I see my parents again (overseas). Etc. 

Edited by madteaparty
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I'm not even sure there will be flights come late August to get my ds from NZ to American to attend, assuming they are even open for the Fall semester. 😞  

Yes, 8, we are very very aware of the ramification of this. We are headed into a worldwide Depression --  30% unemployment, deflation, at least 10 years to dig our way out. We have no idea what to do about DS's university. It is a lot of money, and we don't know if we should still plan to spend it the way we were planning. 

 

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13 minutes ago, lewelma said:

I'm not even sure there will be flights come late August to get my ds from NZ to American to attend, assuming they are even open for the Fall semester. 😞  

Yes, 8, we are very very aware of the ramification of this. We are headed into a worldwide Depression --  30% unemployment, deflation, at least 10 years to dig our way out. We have no idea what to do about DS's university. It is a lot of money, and we don't know if we should still plan to spend it the way we were planning. 

 

I don’t think there will be a 10 year slump like that. Government are so interventionists that crisis (what’s the plural) are more frequent but they don’t last as long... but what do I know. My DH is in the totally opposite side of the spectrum and we are looking at the same set of facts...

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Well, this is what I have heard first hand: restaurants closing and not planning to reopen ever. TV producer finding working from home so good for his team that they are going to cancel their commercial lease for good. Rental car company selling their cars and closing up shop as no one is renting. Cruise ships completely cancelled. Airlines down to 85% and laying off staff. Tourism (which is 20% of our economy) completely stopped. Just look at the wide range of goods and services that are not going to be able to hold on for months. It is not a single industry. So how do you jump start them?  How do you convince people to restart a tourism operation, a bar, or a car-rental company?  When things go on sale, people won't buy if they expect the sale to be better next month. Once deflation gets hold you are sunk.  But wages have to deflate also, and we can't possibly see that yet because it has been too fast.  I'm no economist, but I am not hopeful. I am calm, but I am thinking carefully about orienting my family to a new possible future.

8 brought up the university kids, and we are being careful around our 2 boys with what we say, but behind closed doors, we are making alternative possible arrangements. 

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4 minutes ago, lewelma said:

Well, this is what I have heard first hand: restaurants closing and not planning to reopen ever. TV producer finding working from home so good for his team that they are going to cancel their commercial lease for good. Rental car company selling their cars and closing up shop as no one is renting. Cruise ships completely cancelled. Airlines down to 85% and laying off staff. Tourism (which is 20% of our economy) completely stopped. Just look at the wide range of goods and services that are not going to be able to hold on for months. It is not a single industry. So how do you jump start them?  How do you convince people to restart a tourism operation, a bar, or a car-rental company?  When things go on sale, people won't buy if they expect the sale to be better next month. Once deflation gets hold you are sunk.  But wages have to deflate also, and we can't possibly see that yet because it has been too fast.  I'm no economist, but I am not hopeful. I am calm, but I am thinking carefully about orienting my family to a new possible future.

8 brought up the university kids, and we are being careful around our 2 boys with what we say, but behind closed doors, we are making alternative possible arrangements. 

My best friend’s DH works at a very famous restaurant that has closed. They will reopen, but they don’t know when. And yes she tells me many of their friends won’t be able to reopen. But people will eventually eat out, and need a rental car, and go on a plane again... 

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I'm happy to bow out of this conversation.  I have no need to argue. I have no facts.  We are simply preparing for one possibility among many.  Good luck to all!

 

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I am glad DS is a college junior instead of a college senior right now.  It is devastating to those who worked hard in college, have a job in hand, and are two months from graduation to have those job offers rescinded.  DD just started grad school (went to ONE class before things moved online).  She had looked at several different job opportunities, and I questioned whether she was making the right choice going to grad school, but now I am glad she didn't take any of those jobs.  She would be in a bad situation if she had taken any of those job possibilities.

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I believe we will see a downturn of economy on short time scales, but I see no mechanism how this would cause a long-term (i.e. decades long) collapse, unless the mortality rate becomes so high that a significant percentage of the world population dies. Even after the War, economies recovered - and there was a destruction of infrastructure which we don't have with the pandemic.
For our young adults, who are looking ahead at many decades of professional life, college will still be absolutely worth it.
It's much different for the people who are currently close to retirement and who do not have the time to wait for the stock market to recover.

Just weighing in with my POV. I won't revisit this discussion, because I need to take care of my mental health, and debating apocalyptic scenarios doesn't exactly help with that.

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There is evidence that students who graduate around the time of a recession, fair poorly in the job market over their career relative to others.  By the time the market is recovering, the employers are hiring the new grads, rather than those who graduated the year before and had no job or the ones who graduated two years ago and worked six months before losing their job.  This would suggest that the best place to be right now for a young person is in college.

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Posted (edited)

I dont think we need to debate apocalyptic scenarios. I'm not worried about my 14 and 10 yr olds. The economy will eventually recover. But that doesnt change where things will be next yr.

We graduated college right after the 1987 recession began. Our oldest graduated in 2011 with the 2008 recovery still happening. Both of them found jobs as engineers, but we knew a lot of people who didn't.

I think this recovery is going to be farther reaching across the economy and impractical majors (like foreign language and MLIS or cosmology) are going to face struggles finding any kind of job, not just one using their major.  I am concerned that some won't fare any better than an unskilled worker. (Goodness, many college grads ended up as baristas before this.  My kids didn't enter college with no plan.  They had been working directly toward building career skills for what they wanted to do.)  My dd with her 2 yr ota degree is the one I am not at all worried about bc her job skills will only increase in demand.

Graduating during a recession can lead to long-term disadvantages.  (Not my opinion.  Research shows it.  (google "graduating college during a recession long-term career effects" and you'll find plenty of info.  One I didn't copy below but was definitely true for us is that switching jobs and moving is how recession grads "catch up."  We moved every 2 yrs for about the first 15 yrs after we graduated.  Moving and changing jobs led to higher pay and better jobs.  But, I wouldn't wish that on my kids.  It is hard to move that much.  Homeschooling is the only thing that kept their lives normal.)

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https://siepr.stanford.edu/research/publications/recession-graduates-effects-unlucky

Research shows that college graduates who start their working lives during a recession earn less for at least 10 to 15 years than those who graduate during periods of prosperity (Oyer 2006, Kahn 2010, Wozniak 2010, Oreopoulos et al. 2012). But it has been unclear whether these effects linger beyond that, whether they matter for those with less education, and to what extent they impact a broader set of outcomes, including health and mortality.......

.....Second, we find that negative impacts on socioeconomic outcomes persist in the long run. In midlife, recession graduates earned less, while working more. And they were less likely to be married and more likely to be childless.

Our third important finding is that recession graduates had higher death rates when they reached middle age. These mortality increases stemmed mainly from diseases linked to unhealthy behaviors such as smoking, drinking, and eating poorly. In particular, we discovered a significantly higher risk of death from drug overdoses and other so-called “deaths of despair” among those who left school during a downturn.

Our results demonstrate that health, mortality, and economic and personal well-being in midlife can bear the lasting scars of disadvantages that come during young adulthood. Simply put, the bad luck of leaving school during hard times can lead to higher rates of early death and permanent differences in life circumstances.

Quote

Taken as a whole, the results suggest that the labor market consequences of graduating from college in a bad economy are large, negative and persistent.

https://www.sciencedirect.com/science/article/abs/pii/S0927537109001018

We really downsized when we moved this summer. We did so bc our oldest at home was a high school sr. We figured kids would be moving out. Now I think our college dd might have to move back home after she graduates. (She is currently sleeping in the top bunk in our 10 yr gold's room that is there bc our 8 yo granddaughter spends the night so much.) Our Aspie works and makes enough to pay his rent, but we pay the rest of his bills. If he loses his job, he'll have to move in bc we cant pay his rent. Not sure where we will squeeze him in.

I'm thinking in terms of how our costs are looking like they will be in increasing at a pt in time when we were hoping to relax our budget more. We had planned our first family "flying" destination vacation ever.  Ironically, we were supposed to fly to San Fran the week of March 8.  We canceled our trip.  I'm glad we did. We had booked through SW and were planning on using our banked SW ticket $$ later this yr, but now we are probably just going to cut our losses bc I **am** worried.  $$ on hotels, rental car, eating out, etc could pay for the entire yr of commuting costs for our college freshman next yr.   Is her going to college next year even the right choice?   Should we plan on a gap yr and her going later on?  I don't know, but those are the thoughts swirling in my head b/c she is such an extreme introvert and not outgoing at all. She won't push herself to take charge of opportunities.  Graduating before the recovery is in full swing will not be to her benefit at all.

Financially, I am very concerned.  Job prospects for our kids.....absolutely.  Having to have our Aspie move in with us is enough to push me to the edge.  If our college dd wasn't able to cover 100% of her costs with scholarship $$, I don't know what we would say about her next yr.  I don't think her degree is going to mean much in the near future.  😞

Edited by 8FillTheHeart
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DH and I are discussing different options. DD is finishing up sophomore year at a small LAC, and we are wondering if there is a possibility it will close. Any ideas how to assess financial health of a college? She had applied to transfer to the school she attended freshman year (left due to large decrease in FA but was hoping for a bump back up due to DS heading to college this fall, dropping our EFC; it's a meets full need school) but we have not received FA. DS had pretty much decided on a school, but now we are looking at some of his other, less expensive options. Right now we are doing okay financially, but depending on how long this shutdown lasts, I may end up losing my well-paid part time job. And of course our investments have tanked, but we are hopeful that once we are back up and running, those will increase to previous levels before retirement comes. DH usually receives sizable bonuses, but that too may change with all this upheaval. Scary times indeed and unsure how to navigate these next few months. 

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1 hour ago, regentrude said:

I believe we will see a downturn of economy on short time scales, but I see no mechanism how this would cause a long-term (i.e. decades long) collapse, unless the mortality rate becomes so high that a significant percentage of the world population dies. Even after the War, economies recovered - and there was a destruction of infrastructure which we don't have with the pandemic.
For our young adults, who are looking ahead at many decades of professional life, college will still be absolutely worth it.
It's much different for the people who are currently close to retirement and who do not have the time to wait for the stock market to recover.

Just weighing in with my POV. I won't revisit this discussion, because I need to take care of my mental health, and debating apocalyptic scenarios doesn't exactly help with that.

 

I agree with you completely.

I'm not sure anything would be worse than the crash in 2008/2009 in our lifetime - which we already got through.

Even with recessions popping up here and there throughout our lifetimes, every generation isn't going to experience something like the Great Depression.  

Yes, our kids still need to finish college and know they will eventually find jobs.  The situation sucks, but it's not going to last forever.  

I am thankful dd18 doesn't have student loans yet (she's going to cc for the first two years), but I wouldn't panic if she did.  Heck, WE still have student loans.  Not panicking!  I am panicking about the gym being closed.....(but that's me crying on another thread)    

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1 hour ago, whitestavern said:

DH and I are discussing different options. DD is finishing up sophomore year at a small LAC, and we are wondering if there is a possibility it will close. Any ideas how to assess financial health of a college? She had applied to transfer to the school she attended freshman year (left due to large decrease in FA but was hoping for a bump back up due to DS heading to college this fall, dropping our EFC; it's a meets full need school) but we have not received FA. DS had pretty much decided on a school, but now we are looking at some of his other, less expensive options. Right now we are doing okay financially, but depending on how long this shutdown lasts, I may end up losing my well-paid part time job. And of course our investments have tanked, but we are hopeful that once we are back up and running, those will increase to previous levels before retirement comes. DH usually receives sizable bonuses, but that too may change with all this upheaval. Scary times indeed and unsure how to navigate these next few months. 

Yes.  These are the kinds of things I am thinking about.  Wondering if we should be considering different options. 

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My ds graduates from college in 6 weeks. Everything has changed and it is scary. I have faith he will weather it and find his place, but it’s not going to be what these new grads were expecting.

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6 hours ago, whitestavern said:

DH and I are discussing different options. DD is finishing up sophomore year at a small LAC, and we are wondering if there is a possibility it will close. Any ideas how to assess financial health of a college? She had applied to transfer to the school she attended freshman year (left due to large decrease in FA but was hoping for a bump back up due to DS heading to college this fall, dropping our EFC; it's a meets full need school) but we have not received FA. DS had pretty much decided on a school, but now we are looking at some of his other, less expensive options. Right now we are doing okay financially, but depending on how long this shutdown lasts, I may end up losing my well-paid part time job. And of course our investments have tanked, but we are hopeful that once we are back up and running, those will increase to previous levels before retirement comes. DH usually receives sizable bonuses, but that too may change with all this upheaval. Scary times indeed and unsure how to navigate these next few months. 

https://www.forbes.com/sites/schifrin/2017/08/02/2017-college-financial-grades-how-fit-is-your-school/#522d46d27d68

This will give you some idea of the financial health of a school.  

 

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I can't even process the fallout. My oldest got a math degree and should still be able to find work, somewhere. She will probably put off graduate degree until things are stable, which makes me sad. 
 

second kid is getting a music degree with a full ride opportunity. But this has made her dig out the CLEP books and is calculating possible minors and/or double majors. 
 

I most worry about the last kid. He is full-on music-only degree. We are supposed to be doing auditions in 6-10 months. I'm terrified for him. 
 

It was not missed by any of us that the arts were hit hardest and most immediate. And with schools talking of not needing test scores for incoming freshmen, I'm not sure what that will mean for scholarships? 
 

*sigh* So overwhelming. So much. 

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My older one is graduating in December. His summer job has been cancelled, and we're not optimistic that he will find anything for summer. He may go ahead and plan to graduate and do a heavy job hunt. His GPA and overall background is very strong. He has a security clearance through the Army. Then if he graduates and has nothing, there is a graduate certificate in an area of interest that he can do. Thankfully he's a commuter student at a state college, and I can help with tuition.

My younger one has another two years, and I expect she may have a harder time overall. 

It's all a bit maddening. I looked for two years for full-time work myself, and thankfully ended up with a good set of contract projects in addition to my part-time professor work. Thankfully all of my work is in-demand and pays well, but no benefits. I wonder if that's where my kids will end up in this economy -- contract work with no benefits. At least it's something. 

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I keep reminding myself to take things one day at a time. God has brought my family through incredible hardships and I know he is trustworthy. Of course, I'd love to know the plan ahead of time, LOL! (Or so I think--sometimes I'm definitely better off NOT knowing ahead of time! More time to worry!) 

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My ds will be a college senior this fall.  He was planning to apply for some fellowships or return to Maine and start working but is rethinking.  We talked last night about how grad school might make more sense than fellowships, internships, or jobs.  He's going to chat with his mentors for suggestions but is starting to reconsider some of his course choices for next year if applying to grad school is the better plan.  Funding will be the biggest question mark and hurdle.

Our oldest went off to engineering school in 2009, and his graduating cohort had a terrible time finding jobs even four years after the worst of the crash.

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The longer this goes on, the longer it will take for the world to recover. Some places won't recover. Others will struggle but maybe end up stronger eventually (like if we rebuild some of our manufacturing base which will be pricey).

I'm more realist than optimist, but that doesn't mean I have any more of an idea what to advise my college kid or my high school junior. I like to plan ahead but can't figure out what than means right now. Frankly, all I can do is pray.

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Ugh, I got laid off today. I'm 100% confident if my company can weather the storm, I will be hired back. But I guess it's possible they won't make it through. I feel like I can't make any decisions about college without knowing what our income will be! Both my kids have hefty merit but no FA. Is it worth calling some of the schools and asking for a FA review given the circumstances? Would they even consider it given that they're already being financially squeezed? And if we were lucky enough to even get more, will schools be increasing tuition in subsequent years (more than usual) to make up for the shortfalls? I feel frozen and unable to make any decisions. 

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6 hours ago, whitestavern said:

Ugh, I got laid off today. I'm 100% confident if my company can weather the storm, I will be hired back. But I guess it's possible they won't make it through. I feel like I can't make any decisions about college without knowing what our income will be! Both my kids have hefty merit but no FA. Is it worth calling some of the schools and asking for a FA review given the circumstances? Would they even consider it given that they're already being financially squeezed? And if we were lucky enough to even get more, will schools be increasing tuition in subsequent years (more than usual) to make up for the shortfalls? I feel frozen and unable to make any decisions. 

I'm so sorry to hear this.  Yes to calling schools for a reconsideration, it can't hurt to ask.  The frozen feeling is awful.  Maybe take it a few months at a time, let the possible tuition increases be something you think about a little later in this process.

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9 hours ago, whitestavern said:

Ugh, I got laid off today. I'm 100% confident if my company can weather the storm, I will be hired back. But I guess it's possible they won't make it through. I feel like I can't make any decisions about college without knowing what our income will be! Both my kids have hefty merit but no FA. Is it worth calling some of the schools and asking for a FA review given the circumstances? Would they even consider it given that they're already being financially squeezed? And if we were lucky enough to even get more, will schools be increasing tuition in subsequent years (more than usual) to make up for the shortfalls? I feel frozen and unable to make any decisions. 

I'm so sorry.  The frozen feeling is exactly how my college student feels. She is no longer confident that she will receive funding for the 5th yr's master program that she had planned on pursuing. (Actually, she is fairly certain she won't receive funding now.)   W/o the funding, she would be considered OOS.  She knows that we can't foot the bill and none of us think taking out loans would be in her best interest. W/o her summer immersion abroad this summer, her language skills are less than her goal. She just feels caught in a whirlpool, spinning, spinning down.  😞  It's hard to believe it hasn't even been 4 weeks since she was elated and thought that everything was unfolding in a clear path forward for her.

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1 hour ago, 8FillTheHeart said:

I'm so sorry.  The frozen feeling is exactly how my college student feels. She is no longer confident that she will receive funding for the 5th yr's master program that she had planned on pursuing. (Actually, she is fairly certain she won't receive funding now.)   W/o the funding, she would be considered OOS.  She knows that we can't foot the bill and none of us think taking out loans would be in her best interest. W/o her summer immersion abroad this summer, her language skills are less than her goal. She just feels caught in a whirlpool, spinning, spinning down.  😞  It's hard to believe it hasn't even been 4 weeks since she was elated and thought that everything was unfolding in a clear path forward for her.

This is so disappointing.  Would the funding for the master's program be through her school or an outside source?  My university is actively pursuing ways to help students pursue a masters degree if they unexpectedly find themselves without the job they expected in a few months.  It would be much better to have them continuing their education than sitting unemployed.  Hopefully her school will be able to offer some solutions.

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Just now, Bootsie said:

This is so disappointing.  Would the funding for the master's program be through her school or an outside source?  My university is actively pursuing ways to help students pursue a masters degree if they unexpectedly find themselves without the job they expected in a few months.  It would be much better to have them continuing their education than sitting unemployed.  Hopefully her school will be able to offer some solutions.

The funding is supposed to be through the U.  It is a brand new program where she was going to be in the group of the first students.  The person who had been in charge of its development is now no longer there.  She is unclear about what is going to transpire.

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7 minutes ago, 8FillTheHeart said:

The funding is supposed to be through the U.  It is a brand new program where she was going to be in the group of the first students.  The person who had been in charge of its development is now no longer there.  She is unclear about what is going to transpire.

Its disappointing that the person who was going to be in charge is no longer there.  I think universities are trying to figure out if they are going to lose a lot of students by the fall or have more students wanting to enroll because of such a bad economy.  I am sure it is going to vary greatly depending on the demographics a particular school tends to attract.  

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10 hours ago, 8FillTheHeart said:

She just feels caught in a whirlpool, spinning, spinning down.  😞  It's hard to believe it hasn't even been 4 weeks since she was elated and thought that everything was unfolding in a clear path forward for her.


OMg this is EXACTLY it. Only FOUR WEEKS since everything went to h377 in a hand basket!. 

My college senior had JUST made some major changes after years of struggle that seemed to clear the path before her. She was elated and finally felt on top of things. Now she's home and has no idea whatsoever what to do. Or even if she'll see half her friends ever again after the hasty departure from campus. 😕she is spinning, spinning. Breaks my heart. To see her so from such a hard-earned high spot to ... this ... nothingness. 😕 She's not depressed - just ... unable to see the future and listless.

second kid is wondering if her freshman year will be online and lonely.

third kid is trying to sort out how we're going to sort auditions and scholarships if they give less weight to ACT scores...

Everything is so vastly different for all the kids - and every other human on the planet  - right now. It's just so much to grasp hold of!!!
 

 

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This has been eating on my mind lately, as well.  I have a high school senior who will finish her classes at home without incident, but I don't even know when or if her college will start this coming fall.  She is in a very hands-on program that I can not imagine will transfer at all to online.  Not even that it will not transfer online well; just that it can't be put online at all.  I can see life being very delayed by this for her.  And then there is the additional worry of the horrible job market she will likely land in once she does graduate.  I'm very worried for this cohort of young people.

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14 minutes ago, Reefgazer said:

This has been eating on my mind lately, as well.  I have a high school senior who will finish her classes at home without incident, but I don't even know when or if her college will start this coming fall.  She is in a very hands-on program that I can not imagine will transfer at all to online.  Not even that it will not transfer online well; just that it can't be put online at all.  I can see life being very delayed by this for her.  And then there is the additional worry of the horrible job market she will likely land in once she does graduate.  I'm very worried for this cohort of young people.

 

My daughter is also a high school senior and I have the same concerns.  Her freshman orientation was just moved to virtual.  She was supposed to be on campus for orientation in mid-August during move-in.  If that's canceled, does this mean they are not planning on having students move in then?  Classes are scheduled for the following Monday...this doesn't look good.  😞  

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One of mine is a college senior. He lost his part time job and the job prospects may not be good in the near future. He was also working on a government funded research project that he was really excited about and today he told me that the research is probably "dead in the water" because he can't get back into the lab before graduation to complete his research. He said his classes are a waste of time online since he's studying a lab science and, although they'll probably let him graduate, he feels like he isn't getting anything worthwhile education wise. I also have a high school junior and we were already very concerned about college expenses. DH's job is economy dependent and I don't see us able to pay anything towards college in the near future.

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13 minutes ago, mom2scouts said:

One of mine is a college senior. He lost his part time job and the job prospects may not be good in the near future. He was also working on a government funded research project that he was really excited about and today he told me that the research is probably "dead in the water" because he can't get back into the lab before graduation to complete his research. He said his classes are a waste of time online since he's studying a lab science and, although they'll probably let him graduate, he feels like he isn't getting anything worthwhile education wise. I also have a high school junior and we were already very concerned about college expenses. DH's job is economy dependent and I don't see us able to pay anything towards college in the near future.

 

I do feel the worst for college students right now who are losing job prospects and internships and research projects.  It must be so hard.  

My son's girlfriend is finishing grad school and it looks like she won't be able to get into the lab before graduation to complete her research.  So much heartache and disappointment and uncertainty for these young people.  😞  

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so sorry for all the all the stress, fear, and uncertainty this is causing everyone and yeah - I do worry for kids graduating now/soon. I do expect we'll see a follow-on economic hit very similar to the '08 issue, which was caused by massive real-estate loan defaults because I expect we will again see massive real-estate loan defaults.

I can offer that Amazon is hiring - not just the warehouses, but corporate offices an development on both the retail and WebServices side. Certainly, if you or your graduating DC are SW engineers, math majors, data scientists, or MBAs feel free to DM me and I'll see if I can route them to the appropriate place.  Amazon employees a crazy number of types of people, in a huge number of locations. For all other job/degree types, I encourage you to check the website. I can personally confirm that Amazon is aggressively hiring for pretty much everything.

 

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at least on my team, all internship & full-time offers are still extended.  We're all working from home, wherever that is, as are the new interns.

I feel for the new kids. Many of them are starting their first real job on a team where they've never actually met anyone - but we're making it work. We had a fresh grad start a month ago, just after Amazon went all work-from-home. We noticed over the video chats that he was sitting in his empty new apartment working on boxes, so we approved expense $$ for him to order a desk + chair delivered from IKEA immediately!

If you know of someone whose Amazon offer was pulled let me know. I'll find a new home. Every team I am aware of is honoring all extended offers and hiring at least as much as planned, if not more.

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10 hours ago, AEC said:

Certainly, if you or your graduating DC are SW engineers, math majors, data scientists, or MBAs feel free to DM me and I'll see if I can route them to the appropriate place. 

 

 

DM'ed you!

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Ugh, yesterday our governor announced that there were going to be more higher education cuts, on top of extreme cuts we had a few years ago. This is going to hurt a lot of universities. He said community colleges would not be as affected. 😭

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Dd just called me. She had just gotten the call that her summer internship got cancelled.  It is in an "essential" business so we thought it may still go on. The thing that is most upsetting is that this was an internship that she was going to be doing along with her final two senior courses. Assuming all went well with the internship, she was too be hired full time as soon as it was over.  She'd been in close contact with this company for months about future plans. Dd is just crushed.  (And I am also). She had a new apartment lined up and everything. Not sure what's going to happen now. 

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On 4/3/2020 at 11:34 AM, lispy said:

Dd just called me. She had just gotten the call that her summer internship got cancelled.  It is in an "essential" business so we thought it may still go on. The thing that is most upsetting is that this was an internship that she was going to be doing along with her final two senior courses. Assuming all went well with the internship, she was too be hired full time as soon as it was over.  She'd been in close contact with this company for months about future plans. Dd is just crushed.  (And I am also). She had a new apartment lined up and everything. Not sure what's going to happen now. 

So sorry to hear this.  I am sure it is a great disappointment.

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We rearranged our house this week. Our college dd was sleeping in the top bunk we had in our 10 yr old's room for when our 8 yr old granddaughter would spend the night. Dd did not have a room here since we only expected her here for short visits. Our small office that was dd's playroom is now college dd's bedroom. We disassembled our dining room so dd could use it as a play space and moved dh's "office" into our bedroom.

We have told dd it will be fine if she has to move back home after graduation. Not a conversation we have ever had with our kids before.

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The internship for my dd1 is still on- unpaid and generally, crime doesn't take recessions off. She might have to come home- and find unpaid work here. She sees lots of other classmates in worse situations, so she is pretty calm and two years out from graduating- so that makes it easier.

ds1 filed for unemployment with the first wave of filers. Every job he had or could have had in the last two years he would have lost.

ds2- is in limbo- not sure what is going to happen. At least he is only a sophomore.

dd2 is the one- sigh. High school senior with everything canceled. Not sure when she will either get back in the pool or go to college. Every single thing that structured her days and gave her joy is gone. Lots of worry here...

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Yes. This is what has me anxious and worried, especially now that we are getting more solid numbers in for the virus and it looks like we are getting on top of it. I am worried about the ramifications on the economy and financial aid for college and whether my kids will be able to get decent jobs when they are done. My son is getting a partial refund for his housing and meal plan but the college reduced it to account for their fixed costs. I am actually very happy they did that because I've been concerned about my dd's financial aid if the colleges take too big of a hit this year and there is no way my dd can attend her college without that aid. Plus, we pulled her remaining applications and turned down her acceptances at the schools we could have afforded without the aid.

The economists are rarely ever right about anything, but it's hard to imagine this isn't going to have a major impact that lasts a number of years. 

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There are a lot of schools that seem to be putting a very heavy emphasis on admissions from full pay international students. Franklin & Marshall, a school my dd applied to, gets 25% of their freshman class from China and India. The school my dd is supposed to attend also has a very large percentage of students from overseas. These schools are really going to be hurting if travel restrictions are still in effect this fall. I'm also wondering how many international students will not accept offers here because of the unknown situation we will be facing this fall.

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