Two years ago, the unemployment rate among college graduates was less than 3%. Today it’s more than 9%.

And with a continuing lack of job creation, those numbers are likely to increase — since the ‘08 and ‘09 grads will soon be competing with the ‘10 grads for the limited number of entry level positions.

According to a recent CBS report, the problem is being compounded by the growing debt loads most graduates now have. The average student graduates with $3K in credit card debt and $23K in student loan debt (of course, 1/3 of all college students manage to graduate without any debt!). Federal student loans provide a six-month grace period following graduation, after which students are expected to begin repayment.

One option, implies the CBS piece, is joining the Peace Corps, Americorps or Teach for America — all of which are seeing a record number of application and all of which offer some form of student loan repayment/forgiveness in exchange for up to two years of volunteer service.

If you are a recent grad who finds him/herself facing unemployment, check out these job search tips for the recession. You may also want to read this post from Financial Aid Finder about reducing your student loan debt through volunteering for AmeriCorps.

The privately funded initiative provides tuition and living stipend to nurses going back to school for a MA or PhD in nursing. The catch is that recipients must commit to being nursing instructors at one of eight New Jersey schools for at least three years after they graduate.

According to a recent article in the Philadelphia Inquirer, the nursing shortage problem is not due to a  lack of interested nursing students, but rather a lack of nursing faculty. The article quotes Linda Aiken, a researcher at the University of Pennsylvania who studies the nursing shortage, as saying that approximately 50,000 qualified applicants to nursing programs are turned down.

With a more robust faculty, more nurses could be trained every year.

The state of Pennsylvania responded to the nursing faculty crisis in 2004 with the Independence Blue Cross Nurse Scholars program, which provides grants to graduate students planning to become nursing educators. The program is set to continue through 2011.

So why do nurses need a push to enter academia? One reason is the nursing salary. According to the Inquirer article, nurses in clinical settings can earn $50,000 a year more than those in faculty positions.

If you are interested in going back to school to become a nurse (faculty or otherwise), I recently came across this list of nursing scholarships that you might want to check out.

David Soto of The Princeton Review says student interest is driving colleges to create programs that offer training in sustainability. Two-thirds of students surveyed for the company’s recent “College Hopes and Worries” survey said a college’s “environmental commitment” would be a factor in where they applied.

According to the article, Arizona State University now has a School of Sustainability, which graduated its first class this past May. The School offers Bachelors of Arts, Bachelors of Science and Masters degrees, all of which take an interdisciplinary approach, blending science, economics, social studies and more.

Other schools, such as Bucknell University in Pennsylvania, are expanding their core requirements to include at least one class related to the environment. And at community colleges, such as Kalamazoo Valley, students are being trained for green collar jobs like installing and operating wind turbines.

Other popular green degree programs include:

• BA and BS in Sustainability

• MBA focused on operating sustainable businesses

• Combined MBA and MA in Environmental Studies

• Agricultural Technology with concentration in sustainable design

Many would-be online learners have been deterred, however, by the concern that an e-degree will not be respected or accepted by future employers. That tide is turning.

Recently a number of experts have joined the distance learning bandwagon. From career recruiters who say that online degrees are just as reputable as ones from brick-and-mortar schools to legendary former GE CEO Jack Welch, who just announced his plans to launch an online MBA.

Today, the news got even better for online learners, with the release of a groundbreaking meta study by the United States Department of Education, which lauded the superior outcomes of online learners.

Online students performed better, on average, than those taking the same courses in face-to-face instruction. The best achievers, however, were those students who experienced blended learning — elements of both online and face-to-face learning.

The biggest benefits of online learning, according to the study, are derived both from the use of new technology…

Studies indicate that manipulations that trigger learner activity or learner reflection and self-monitoring of understanding are effective when students pursue online learning as individuals.

… and from the benefit of more time to concentrate on tasks.

Studies in which learners in the online condition spent more time on task than students in the face-to-face condition found a greater benefit for online learning.

If you are considering an online degree, here are some past JobMonkey blog posts you may want to read through:

• Is An Online Degree Right For You?

• Accreditation of Online Degree Programs

Also be sure to check out JobMonkey’s sister site Online Degree Zone. With over 11,000 online degree programs to choose from, it has everything you need to know about distance learning.

• Taking full advantage of your campus career services office

• Networking with professors and other on-campus professionals in your field

• Setting a quantitative goal for your job search — for example, five face-to-face networking meetings before the end of fall semester

• Joining a professional association in your field

In addition, I’d also add that if you have just a semester of school left, now is the perfect time to look for a college internship. And you can build up your resume (and your networking connections) by volunteering  over the summer and throughout your job search.

Hungry for more job tips on finding a job post-graduation? Check out this jobs for graduates blog post from last month, where a New York native contemplated moving to Boston and launching her job search there.

That’s why the ESA is offering a sweet, $3,000 scholarship to women and minority students who are pursuing their degree in Computer & Video Game Arts (or a related field).

The Foundation has thirty total scholarships available, 15 for high school seniors and another 15 for college students.

To be eligible, you must be enrolled (or plan to enroll) as a full-time student at an accredited four-year colleges or university. The application deadline is May 15, 2009, so there’s not much time left.

To learn more about the scholarship, visit the Entertainment Software Association website. If you want to learn more about pursuing a career in video game industry, the JobMonkey is your #1 resource. You might also want to check out these articles on Video Game Design Schools and Computer Game Education.

For those who have been laid off (or fear being laid off), working on an online degree can be an easy and convenient way to enhance their resumes while still having plenty of time to job search.

Online programs are upping their marketing ante to focus on attracting career changers. And it isn’t just the slogans that are changing. A number of new programs have been created to target the most in-demand, recession-proof fields, such as nursing and education.

Penelope Trunk (one of my favorite career bloggers) is quoted in the article as saying that finishing up a Bachelors degree online is a wise investment, but working toward a Masters degree won’t give you as much bump for your money. Instead, she suggests, volunteering at a company you want to work for.  I’ve posted here on the blog a number of times about how to volunteer your way into a new job, but Penelope’s idea is a novel twist on the concept.

If you are considering an online degree, here are some past JobMonkey blog posts you may want to read through:

• Is An Online Degree Right For You?
• Accreditation of Online Degree Programs
• Financial Aid for Distance Learners
• Should you go back to school?

Also be sure to check out this cool site, Online Degree Zone. With over 11,000 online degrees programs to choose from, it’s got everything you need to know about distance learning.

A story today on CNN’s Money Magazine focused on this growing trend to retrain, especially among the more “mature” worker.

If you are considering going back to school after a layoff, here are three questions you should ask yourself:

Can I afford the tuition?
Many states offer retraining programs, which are free or highly subsidized, for people receiving unemployment benefits. If, however, you are planning to pay for school yourself, will you be able to cover tuition out of your checking account? Or will you need to take out student loans?

While we all hope that this recession-slash-depression is short-lived, economic forecasters are predicting at least another 12 months until the rate of job loss stabilizes — and much longer until we are back to 2007 levels of employment.

In other words, despite your best intentions, it may still take you a while to find a job after you finish your degree or retraining program. Will you be able to handle the loan payments on top of living expenses? Bear in mind that student loans are one of the only forms of debt that can not be rolled into a personal bankruptcy.

Will my new career field pay as well as my old one?
The CNN story focuses on this issue, particularly amongst workers laid off from manufacturing jobs.

…starting over in a new career can often mean entry level positions with lower salaries and less-desirable shifts. This is especially true for those in manufacturing, many of whom pulled in more than $25 an hour with just a high school diploma.

Before you enroll in classes, take some time to investigate the field. What are starting salaries like? And how much can one expect to earn after a few years on the job? Is there room for advancement? And how quickly can one typically advance? If you are in your late 40s or older, the rate of advancement is especially important, since you probably do not have another 25 years to spend working up to a senior-level position that is better paid.

Will my new profession be a stable one?
While companies and organizations across the spectrum are being hard-hit by this recession, some professions are still “safer” than other. Nursing, for example, continues to be in high demand despite cutbacks at many county-funded hospitals.

Tenured teachers also tend to fare well during a recession, although educators around the country are currently reporting forced pay-cuts and even job losses at their schools.

Other industries are notably less stable, such as tourism, entertainment, and marketing. But what if you have always dreamed of being a travel agent? While I would never counsel you to ignore your career dreams, I would suggest that you exercise caution. Revisit the above questions and make sure that you are prepared to (1) pay for school now (or pay off your loans later) and (2) wait out a possibly protracted job search after you finish your degree/retaining program.

Is going back to school on your horizon? What are you planning to study? Leave us your thoughts in the comment section!

Or maybe you are returning to school after a long break and lots of real-world work experience along the way. Whatever your story, odds are financial aid will be a part of your college tale.

The average four-year state school education costs over $50,000.  And it’s going up more than 7% a year, which means that even if you put money aside, you need to be earning a pretty decent interest rate to keep up with that kind of inflation. Then there is the whole credit crunch and crumbling economy to contend with as well.  Yes, the facts are grim. But there is a silver lining. According to a recent Wall Street Journal article, the number of government-backed student loans actually increased in the last quarter of 2008, despite a near total freeze-out in all other consumer credit sectors.

Here are some of the basics you need to know about student loans:

>> There are two types of government student loans — the Stafford loan and the Perkins loan. The latter is for students with extreme financial need. Both feature fixed and relatively low interest rates, along with attractive repayment terms (especially when compared to the more expensive and less flexible private student loans.)

>> If you are a non-dependent student (meaning mom and dad no longer claim you on their tax returns), you can borrow up to $57,500 from Stafford loans toward your four-year degree.

>> You qualify for federal student loans by filling out the FAFSA.  The FAFSA is the Free Application for Federal Student Aid, and it is your key to the treasure chest of government student assistance.

Included are not only the Stafford and Perkins loans, but also federal grants, like the Pell Grant and work-study awards. Many states use the FAFSA to calculate their state-based student aid, as do a handful of private scholarship foundations.

>> The federal deadline for the FAFSA is June 1st, although most state and private schools have earlier deadlines. The 2009-2010 FAFSA was available as of January 1st. To complete it, you will need a copy of your 2008 federal income tax return, so be sure to get that done as soon as possible.

>> Despite its rather imposing acronym, the FAFSA is actually a breeze to complete. Plan on spending 60-90 minutes in front of the computer, once you have gathered all the necessary documents (see JobMonkey’s article on the FAFSA application for a complete list.) If you need help, visit the FAFSA website or call their toll-free help line at 1-800-4-FED-AID.

Are you planning on going to school/back to school in the fall? Tell us your plans?

And in the meantime, you get to enjoy enough collegiate-style entertainment to last a lifetime.

Perhaps you know you are going to graduate school and are just waiting on your final acceptance notices. But statistics tell us that most of you will be looking for a job come May — and given the current economic climate, that might feel like a pretty daunting task right about now. Here are some tips for starting your career search off on the right foot.

The early bird catches the worm.
It might be a bit cliche, but it’s also true. Don’t wait until you have your diploma in your hand to start your search. In fact, you might just find you are competing with juniors who are getting a jump start on their competition. Start your research at your school’s career planning office. Set up an appointment with a career counselor, who can help you identify compatible career paths and clarify your career goals. And do it now, while there is still snow on the ground.

Start networking.
Make a list of all the people you know who might be able to be helpful to you in your job search. Have you worked on or off campus? Volunteered? Interned? What about your college professors? Friends of your parents? Distant relatives? Once you have your list, start emailing or calling each person and setting up face-to-face meetings (when possible).  Tell them what kind of career you are interested in and ask if and how they can be helpful. Bring a pen and paper, so you can write down the names and numbers of anyone that they suggest you talk to.  That’s how networking works! Be sure to follow up with a thank you note right after your meeting. Even if nothing pans out, touch base again after a few months; your gentle reminder may just jog their memory about a company that they heard was hiring.

Do your homework.
Before you attend a single job fair or interview for a single job, make sure you know everything you can about the companies/organizations you are dealing with.  Google them and their employees. Talk to people who work in the field. Read industry publications. You want to learn all you can about the work place environment, the company’s values, the experience and background of the people working there… and more. Your preparation will pay off when it comes to interviewing because you will know what each company is looking for — and you will be able to tell them why you are their best choice!

Practice makes perfect.
When your school participates in job fairs or hosts on-campus interviews, sign up to attend. Even if the niche is not exactly what you are looking for, the more practice you have talking to employers, the better you will be at it.  And then, when your dream opportunity does pop up, you will be confident in your ability to ace the interview. Most college career planning offices (also called career placement offices) offer practice interview sessions.  Sign up for those, too!

Shine up your resume.
You should spend as much time on writing your resume as you do writing a 5-7 page term paper.  If you don’t know where to start, attend a resume writing workshop on campus. Once you have a rough skeleton, set up a meeting with a career counselor so that he or she can help you review your resume. The more input you get, the better your resume will be. And remember: Employers are looking for content not style.

Your resume should be neat and presentable, but fancy fonts and colored paper do not impress anyone.

Create a cover letter template.
While you are meeting with a career counselor about your resume, spend a few minutes talking about cover letters, too.  A cover letter should entice a potential employer to glance at your resume.  It should pique interest with a highlighted list of your (measurable) accomplishments and a glimpse into your shining personality. By creating a standard template, you will have a head start on applications for new job opportunities. Just remember, your cover letter must still be customized for different gig.

Volunteer or get an internship.
I’m not saying there are not plenty of worthwhile (well, questionable worthwhile at least) activities for you to pursue your last semester of college.  But if you really want to get a leg up on your competition, spend at least 10-20 hours a week working on your future by volunteering or interning. Look for opportunities in the career paths that most interest and excite you. Also look for opportunities that will allow you to develop new skills and hone those you are already have. If you impress your supervisor, you might even get a job offer out of it come May. Either way, you will gain invaluable experience — and probably add a couple of stellar contacts to your networking list.

Those are my suggestions, but what about you? Are you a college senior? What’s in store for you this May?