Even in a tough job market, there is a distinct advantage to having a degree, because even in a recession, companies know they need to keep building their pipeline of talent, according to an article from the Associated Press.

The article gives the example of Cevron Corp, which discontinued its on-campus recruiting for a period of time and then suddenly found itself with a shortage of middle-age midlevel managers and had to go on a hiring spree to catch up. Chevron has returned to campus and expects to hire around 1,000 college students or interns this year, according to Susan Houghton, Chevron manager of human resources communications.

Ernst & Young, an accounting firm, also says it plans to recruit some 5,000 recent graduates to fill full-time jobs and internships in the U.S. and Canada.

For some companies, the fact that so many college graduates are looking for work means they can get the best talent more easily now.
According to the U.S. Census Bureau, students graduating with a bachelor's degree will earn, on average, $2.1 million in a lifetime. That grows to $2.5 million for a master's degree, $3.4 million for a doctoral degree, and $4.4 million for a professional degree.