I find that any company that actually gives its college-hires the formal job-title "Junior Developer" is not a good place to work: I interpret it as saying they don't respect their own employees. YMMV.
That's how it's done at all the US software companies I've worked at, including Microsoft and some startups.
My current company does has done away with job-titles entirely and we make up whatever we want on our business-cards (within reason).