ALL THE STARS THAT NEVER WERE ARE PARKING CARS AND PUMPING GAS.  We previously noted the failure of China's expansion of university degrees to provide those tickets to high-paying jobs.

The tickets are going missing closer to home.

Nationwide, about 1.94 million graduates under age 30 were mal-employed between September and January, according data compiled by Andrew Sum, director of the Center for Labor Market Studies at Northeastern University.

Sum said mal-employment has significantly increased in the past decade, making it the biggest challenge facing college graduates today. In 2000, Sum said, about 75 percent of college graduates held a job that required a college degree. Today that's closer to 60 percent.

Though the economy is growing and new jobs are being created, Sum said, those graduating in June are not likely to see major improvements. About 1.7 million students are projected to graduate this spring with a bachelor's degree and 687,000 with a master's, according to the U.S. Department of Education.

"We are doing a great disservice by not admitting how bad it is for young people (to get a job)," Sum said.

Mal-employed does not refer to an engineer doing tech support or an accountant dispatching trucks.  Worse, from a resource allocation perspective, the mal-employed are returning to university for additional investment in low-return human capital.

When everything else fails, graduates are more likely to go back for more education. Those with a bachelor's sign up for a master's, and so on. Some take a step back, either to look for new opportunities or retool their fields of interest.

Bill White, for example, is pursuing a second bachelor's degree. He looked for a job for about six months before graduating in December with a master's in public relations and advertising. Unable to land one, the 28-year-old has shifted his focus to mechanical engineering.

While college graduates are still more likely to land a job than those without a degree, the fact that so many are not finding a job in their fields has raised questions about the payoff of a college education.

Since he got his bachelor's degree last May, Kirk Devezin II has worked full-time a little more than six months and has freelanced. He has never made more than the $10.36 an hour he earned as a barista atStarbucks when he was a student at Eastern Connecticut State University.

"I apply to jobs constantly, constantly, constantly," he said.

He has interviewed for positions related to his communications degree, but lately, all the interviews have been for barista and cook jobs, and one at a carwash. Sensing that employers in low-wage industries might think he is overqualified, he has left his college degree off the applications.

I leave to the reader to determine whether the mal-employment of new lawyers or advertising executives is a social benefit or not. But it exists. That's something different.  We're not talking about aspiring actors waiting on tables in Los Angeles or Manhattan any more.

On a small plaza near the DePaul University College of Law, a group of students about to graduate were socializing when a reporter approached. Most said they didn't expect to land a law-related job. One student said he was told by a potential employer that there was no reason to hire him when the firm could hire an experienced lawyer for the same salary.

That situation is becoming more commonplace.

Anna Holcombe, who has a master's degree in public relations and advertising, said she's often competing for jobs against people who only have bachelor's degrees or are willing to work for free just to get their foot in the door.

"It's a struggle," she said, adding that at age 31 she doesn't have the luxury of being able to work for free. She has responsibilities, including bills due at the end of the month.

Until she gets a position in her field, Holcombe is holding on to her job as a sales associate at a retail store. She got the job to pay bills while at school, never thinking it would be so difficult to let it go.

The bubble is deflating, and the human toll is real.