Get a job. It's one of the more common prescriptions you'll hear offered up to students who worry about the cost of a college education these days. And it makes a certain degree of sense. Sure, working too much is one of the leading factors associated without dropping out. But working at least a few hours each week is good for a resume and your bank account.
Here's the problem: We might have reached a natural limit for how many students can realistically find work while in school, at least until the economy rebounds. The two graphs below are adapted from Department of Education data* on student employment covering selected years from 1970 through 2010. They illustrate a point that's both obvious and easy to overlook: In a bad job market, it's a lot tougher for an undergraduate to land employment.