You are exactly right.
There was a sad story on the radio the other day. A nice lady with a PHD in Art History was living in her car because she was broke and unemployed.
What struck me was how very _betrayed_ she felt. Here she had studied hard, gotten good grades, and had achieved the highest academic degree possible and yet the job she expected wasn't forthcoming. All her life she was told "you need a degree to get a good job" and she somehow interpreted that to mean that if she got a degree she would get a job. Her whole attitude was that she was all but promised a job, and that it was the university's fault that this job wasn't there, and that she should have been told by the university that there were no jobs in her chosen field "before they took her money".
She wanted to work as a museum curator, cataloging and managing the museums art collection. When asked how many such jobs existed, she was taken aback, as if she had never thought about it and then said maybe 10 or 20 in the entire province.