The IT industry isn't so great at the moment, and as soon as job cuts come about in a company, the IT people are always the first ones to have their heads put on the block, then get chopped.
Companies seem to think that the IT dept is the most expendable for some reason. Now things are so bad that when a vacancy does crop up, there are more jobless candidates applying now than ever before. It's ridiculous until the economy gets better and God knows when that is going to happen.
My advice is to spend another year in study and sharpen your skills and knowledge. You really haven't got anything to lose until things get better. Except money. But there are always ways of making money, eh? Websites, your own ventures, freelancing while studying, part-time work in other industries like retail. The pre-bubble era of plenty in the early 2000's is long gone, but it happened once and I can easily predict it will happen again as more turn to online purchasing to save some cash in these troubled times. So such plentiful times will come again. Enjoy your studies if you decide to carry them on.