Apartments in Hoboken with a view of New York City, which happen to be located down the street from more than five different bars. Sharing a house with three of your best friends, complete with a pool table in the living room.

Now picture this room instead: your pink and green childhood bedroom with your sports awards and honor roll ribbons still dangling from your mirror, now completely covered in dust. Not exactly what you had in mind, is it?

Due to the recent economic crisis, many college seniors are giving up their dream of garnering a job after graduation and moving into an apartment or house with a few roommates. Prospects for residency now include mom and dad’s house, until they find jobs and can support themselves financially to go out on their own. And for those who are, in fact, moving out of their family’s home after graduation? For some, their new place of residency is rather interesting: a house or apartment in the town of their alma mater.

Fairleigh Dickinson University senior Jacqueline Weiss has been living at home all four years and has no problem continuing to do so after she gets her diploma. “I’m used to living at home and don’t mind staying there for a little while longer,” she said. However, staying a little while longer does not mean forever. Weiss added, “I hope to get a job and begin paying back my loans. Once I have earned enough money, I hope to move out on my own.”

According to Shashin Shah, a financial planner with SGS Wealth Management in Texas, for those living at home, saving money should be a top priority. In a recent Washington Post article cleverly titled, “Homebound; Strapped Grads Get Financial Lessons on Familiar Turf,” experts such as Shah discussed theories surrounding what is known as the “Boomerang Generation.” The term refers to young, recent graduates who keep bouncing back, whether it means moving back in with their parents, or constantly trying to scrape by on their own.

Weiss, who works part-time while attending school, is one of the many college seniors trying to save their pennies before graduation day.

Todd Romer, executive director of Young Money Magazine, offered some insight in the Washington Post article into just how hard upcoming college grads have it. “Today’s recent grads are dealing with more money issues than any generation before them,” said Romer. He added, “If they were not able to save and be frugal during college, they’ll still need to attempt to be frugal in those first few years after college.”

Rebecca Brand, a senior at The University of Pittsburgh, recently began working part-time at a bookstore in downtown Pittsburgh, as a means to earn (and hopefully save) some money. Brand hopes to move out of her family’s home in eastern Pennsylvania and stay in the town of her university.

“There are more career opportunities for me in Pittsburgh - by being in a city instead of a suburban area,” she remarked. Her part-time job is by no means the answer to her financial woes, but it has made her more conscientious of money. She added, “The recession hasn’t altered my plans; it has just made me more aware of my particular money situation and the importance of saving money.”

Brand is feeling just as nervous as every other college senior. “Even though Pittsburgh seems to be better off than other areas, it is definitely still affected. It’s still pretty difficult to find a job, but I’m just applying to as many jobs as I qualify for and crossing my fingers that something will work out,” she said. Other college seniors living hours away from their hometown are also struggling with their plans for post-graduation. Should they stay in their college towns? Or move back home?

Jessica Abramovici, a senior at The University of Maryland at College Park, is used to coming back to her family’s home in northern New Jersey during the school breaks. Every Thanksgiving, winter recess, spring break and summer vacation, she can count on her three-hour Amtrak train ride home. Moving back to the Garden State after graduation will certainly be different, but in a positive way.

“I am going to live with my parents after I graduate since they offered to provide me a place to stay until I am settled in a job and have a stable cash flow,” Abramovici said. However, the recession has altered her plans in terms of where exactly to work. She said, “I was planning to work at the same company that I interned at for the last two summers, but they are cutting back on employees, which means they might not be hiring. I therefore need to look hard for other alternatives. I put all my eggs in one basket- hoping to work at this company, so now I need to catch up with the job search.” Confident she will find something after she is handed her diploma, Abramovici knows she will have to work hard now to research and find companies which are hiring. She added, “Overall, I am not too worried.”

Many college seniors are torn about what to do after graduation. While hope is not entirely lost, moving back home with their parents while continuing to save money and go on the hunt for jobs might be as good a plan as any.

KATRINA MUSTO
Staff Writer