Many seniors still seeking jobs are looking farther away geographically. Leape says the majority of Harvard graduates seek employment in the Northeast, but that faltering economies may send them scattered across the country, or even across the globe.

Leung says many of her friends are exploring banking and consulting opportunities abroad.

"A lot of them are...considering leaving the country and going to other countries in Europe and especially in Asia because of the economy," Leung says. "I know a good number of people who are going to Japan and Taiwan and Hong Kong."

"I don't think any of them are looking past the next two years really," Leung says.

Looking Farther Away

Despite the fear, rejection and stress, Harvard graduates still may not be as badly off as their counterparts from other colleges.

"If it's a ladder, you just bump down one rung, but so does everyone else," says Jon M. Biotti '91. "We are still ahead of certain other college grads so therefore everything is relative."

Leape says that though some corporations have cut their recruiting efforts by 60 percent, many of these corporations still visit Harvard.

"We know the Harvard name helps there," she says. "There are many employers who respond to the Harvard College degree as a verification that the student had completed a very difficult and competitive college program."

Gady A. Epstein contributed to the reporting of this article.