The month of May was filled with graduations, relatives visiting, parties attended, photos taken, and “shrines” to the graduates crafted by their doting mothers. I know, I am one. In June we all collapsed and said, “Now what?”

The Pew Research Center recently issued facts about today’s college graduates. It makes for interesting reading for doting, or delusional, mothers and fathers. Only about 56 percent of our darlings who start college actually earn their degree, and most take six not four years to do so. More (75 percent) of those who attend private, non-profit four-year schools finish, compared to their public peers, and more take only four years. They know how much money Dad and Mom are paying.

Extending the four-year degree into six, even at a public college, has significant financial implications. A year at the University of Iowa for an in-state student costs about $21,000, including tuition, housing and meals, books, personal expenses, and transportation. Out-of-state students pay double that. Students who take six years to earn their degree will add from $40,000 to $80,000 to their total costs.

At least some should be able to understand and analyze this cost, as one-fifth of all students major in business. Since 1981 business has been the most common major; before that it was education. Unfortunately, most of our recent college graduates (44 percent) are “underemployed;” that is, they are holding jobs which do not require a college degree. Only about 36 percent of those jobs are considered “good,” paying $45,000 or more a year. Over 20 percent of the underemployed are paid less than $25,000 per year and another 23 percent are only working part time. Those are the ones living at home, staring at their old Obama posters.

There were about 3.9 million total job openings in 2013, up from a low of 2.1 million in July 2009, but well below the average of 4.5 million in 2007, according to the U.S. Bureau of Labor Statistics. Only about 17 percent, or 663,000, actually require a college degree. At the same time, 1.6 million people graduated from college with a bachelor’s degree this year. We shouldn’t wonder why they are underemployed and living at home. There are no jobs.

Over 64 percent of public graduates are paying off college loans, as are 74 percent of private school graduates. The average amount of debt is $25,600 for public graduates and $40,000 for private schools. However, most baby boomers, gen-Xers, and millennials think their degree either has or will pay off in better jobs and higher earnings. Even among those making less than $50,000 (the break point for a “good” job) 63 percent still think their college degree has paid off.

Parents who send their child to in-state public schools will be happy to know that their offspring will have the same feelings of “personal satisfaction and economic well-being” as their peers who make more expensive choices. According to Pew survey research, 93 percent of public graduates are satisfied with their family life, about 76 percent are satisfied with their financial situation, and over 66 percent are satisfied with their job. More important than the type of college, according to Pew, is the experience they have. Positive experiences include having a good mentor, an internship, or work-related experience.

I’m sure all those mothers and fathers paying for the extra two years of college are relieved to know that no matter what their child will “clap along if you feel like happiness is the truth!,” even if they’re still living in the basement.

The views expressed in this column are those of the author and not necessarily those of the Public Interest Institute. They are brought to you in the interest of a better informed citizenry.

Deborah D. Thornton is a research analyst for the Public Interest Institute, in Mount Pleasant.