College degrees are becoming the new high school diploma

For the college students and grads buried under more than $1 trillion dollars in loan debt, another sobering reality: You may have to take a job that makes little use of your expensive, four-year education.

New York Times economics reporter Catherine Rampell tells Jansing & Co. the college degree is becoming the new high school diploma. "Employers are requiring bachelor's degrees for jobs they didn’t used to. They’re inflating their credentials.”

In her article, Rampell says jobs that didn't used to require a college degree—positions such as receptionists, dental hygienists, clerks and claims adjusters—are increasingly requiring one.

Rampell added that it's a buyer's market for employers. “There are so many people going to college today that it’s assumed people who don’t go to college have something wrong with them. There are more people than jobs out there so employers can be picky.”

Rampell says this recent development has some risks for employers. Hiring overqualified workers could lead to rapid turnover, with workers heading for the exit when a better offer comes along.

But Rampell says many college grads are happy to take one of these lower-skilled jobs if it gets their foot in the door of the firm and can lead to quick promotion.