Half of College Students Polled Would Choose Salary Over Career Satisfaction

BOSTON--(BUSINESS WIRE)--Experience, Inc., the nation’s leading provider of career services for college students and young alumni, surveyed current college students and recent graduates to determine the impact student loans have on their career decisions. In its 2008 Student Loan Survey, completed earlier this month, Experience (http://www.experience.com) found that half (50 percent) of college students polled would be more likely to accept a job that offers higher pay, but less career satisfaction, in order to repay their student loans.

Student loans are also factoring into Gen Y’s career decisions. Nearly a third of college students (27 percent) say student loans impacted their decision to pursue a particular career, and close to two-thirds (61 percent) of current students say they are more likely to accept a job that offers loan assistance and/or repayment.

With higher education expenses on the rise, debt piling up and the current credit crunch, college students have been forced to seek alternative means to pay for school:

• 31% have applied for scholarships and grants
• 28% are already saving money to repay their loans
• 13% are accelerating their graduation date
• 11% are going to school part-time while working
• 10% are living at home while taking classes

High student loan balances are also a factor in post-college decisions. Recent grads report that:

• 40% took a job offer that offered higher pay, but less career satisfaction, in order to help pay off their student loans;
• 47% say that their student loans impacted their decision to pursue a particular career
• 88% said they had to make sacrifices in their budget because of their student loan payments; 23% sacrificed continuing education or graduate school

“College graduates are taking preemptive measures to deal with the financial ramifications of student loan debt,” explains Jenny Floren, founder and CEO of Experience. “Employers who need to recruit their next generation workforce should pay close attention. The competition for great new talent will be won by the employers who offer paid internships, scholarships, loan assistance initiatives and other benefits that ease debt burden. This is also an opportune time for government agencies and programs aimed at workforce development to create financial incentives to attract the pipeline of new talent that's needed to fuel economic growth today and into the future.”

For more information about Gen Y, visit the Talent Insights blog which shares data, trends and observations about Gen Y with employers.

Survey Methodology

Experience's 2008 Student Loans Survey was completed in September 2008. College students and recent graduates who opted-in to receive communications from Experience were invited to participate in the online poll; 336 respondents (188 students and 148 graduates) completed the survey.

About Experience

Experience is the only university-endorsed career network bridging the gap between college and the working world. Since 1996, we have partnered with universities to educate, assist and inspire college graduates to launch and lead extraordinary careers. Each year our award-winning network connects millions of candidates from 3,800 colleges and universities with more than 100,000 employers.

For more information, visit www.experience.com.

Experience is a trademark of Experience, Inc. Other company and product names may be trademarks of their respective owners.