I hate this, but they'll have to cope, just like those who lost their jobs and those who lost family and friends.
It sucks, but the real issue is that there's no social safety net for these types of folks in many places, which makes my first sentence sound kinda uncaring, but there's not many other options.
The other major issue is that, for a lot of the students in college, they don't really even need the degree as anything other than a key to the gatekeeping tool used by employers. I'm not saying education is worthless, it's important to have a well rounded knowledge of the world, but you don't need that degree to be a sales person or a realtor or a welder or a carpenter or maybe even a developer. In other words, we shouldn't be forcing them to choose: degree or livelihoods.
This sucks, and I feel for everyone (I'm unemployed as well) but we all will have to deal with some discomfort, I'm really sorry to say that though.