Here’s a less than encouraging statistic: Only 20% of college graduates are finding jobs this year. By way of comparison, in 2007 it was 50% (which doesn’t seem much better). Business Week echoes the statistics and explores the best job markets for college grads.

I remember trying to find a job as a college graduate being pretty nerve wracking. Aside from the stress of needing a job, you’ve likely never done this full time employment thing before for more than a short term or part time basis. And few college graduates understand the importance of networking (I certainly didn’t).

For the other 80% of college grads looking for jobs who don’t find them, this might be an amazing opportunity. You’ll likely need to tighten the belt straps, continue your college frugality, maybe even move back home. But not having a full time, 9-5, thrilling but honestly brain-sucking job can free you up to do so many things. This might be the time to start your business. Or volunteer on another continent. Or explore some things you really love. Maybe you’ll pitch in and finally put your church online. Maybe you’ll tackle an overwhelming social issue in your own backyard. Maybe you’ll help someone out in an entirely unglamorous and non-resume-worthy way (like the high school grad currently volunteering to do some babysitting for me).

When the job market improves you’ll be ready for it. Heck, you’ll be better for it. And the people you invested your time and effort in will be eager to see you succeed.