Would you seriously consider taking 20K/year for an IT job??? That's like $10/hr.. I made more than that when I worked IT in high school ten years ago.

Also, what kind of job are you talking about.. you mention college grads, but who goes to college to get an IT job? When I think of college grads, I'm thinking software developers and if you're a software developing who is at all good at what they do, you should even be considering an offer less than $40K, unless maybe you live in some backwater place in the south/west where you can get a house for like $300/month.