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A record 270,000 students are expected to graduate this summer - but many will not have a job to go on to.

According to the Higher Education Careers Service Unit (HECSU) as many as 40,000 graduates may still be unable to find a job six months after leaving university.

The class of 2009 face a three-fold problem: more graduates than ever before going into the worst job market for a generation with the highest fees to pay back once they do start earning. The increase in students also mean a degree offers less shelter from the recession.

Professor Anna Vignoles, of the Institute of Education, told Sky News Online this may cause spells of unemployment that stifle career progression.

"It is likely that some graduates will experience long term effects," she said.

Graduates unable to get a foot in the door now will be no more experienced than nest year's graduates and their skills will not be as fresh.

This could impact chances of promotion in five years' time which will have a knock-on effect on opportunities after 10 years.

Professor Vignoles added this is likely to particularly harm graduates from "weaker institutions and weaker courses."

Perhaps this is why students at Bristol - one of the country's top universities - remain upbeat.

Outside the graduation ball, Travis, a vet student is confident:

"A degree is a degree at the end of the day."

And whilst one student says he is going into medical research - as a paid guinea pig - most appear to have other options.

Many are riding out the recession elsewhere. Some are taking a gap year to travel, whilst others are continuing their studies - applications for further degrees are up 400% in some subjects.

Mike Hill, chief executive of HECSU, told Sky News Online that all graduates should still be positive about the long term.

"First the shape of the British economy will become more biased towards higher skills," he said.

"Second, the retiring baby boomers will create vacancies. Third, graduates make jobs for themselves. Twenty years ago, areas like the police force had few graduates - now they have a graduate scheme."