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A recent grad from a decent college; $120,000 student loan; a 20g salary job offer - Reject or Not?

The question should describe what kind of position I am in. I have been searching for jobs these past two months, and despite having - what I think is - a decent resume and a pretty competitive GPA from a reputable school (majored in economics), the first and only offer I got will give me only $20,000/year with no benefits (it's a year-long contract). I want to support my financially struggling parents (I will be living with them) and not fall behind my loan payments, but the salary offer is painstakingly small to do all this. In addition to all this, I am planning to pursue a law degree or a masters after an year or two. The salary amount won't get me in a financial trouble but it does make me rather hate myself for finding a job offering so small (my friends with a lower GPA or more non-applicable majors found jobs with 50g or 60g per year). On the positive side, the company itself is one of the largest and best conglomerates in the world, and the position matches perfectly with what I am interested in doing in the future. Having the company on the resume may help me a lot in my future endeavors. What should I do? Should I reject the position and seek out for better-paying positions (I can job search securely until mid-September)? Or should I bite my tongue and accept what I have? I am so lost...PLEASE HELP ME! Thank you so much!

Public Comments

1. Take it - it sounds like it has potential. It will look good on your resume, and it's easier to get a job while you already have one - strange, I know! It's only one year out of your life - and you've said that apart from the pay it's perfect. If you take it and work hard you never know - they may appreciate you enough to increase your wages accordingly :) Good luck either way.
2. I would take this low paying job until such time that I can sign up with a major headhunter/employment agency who can search for a higher paying job. We have to be realistic at this time, since the economy has tanked and there's so much unemployment within our community. Good luck!