By this time next week, Commencement 2003 will be over.

Thousands of eighth-graders, high school seniors and college students will have graduated, and with tassels turned and diplomas in hand will have moved on to the next chapter in their lives.

For some, it will be on to high school. For others, it will be off to college. And for still others, it will be "welcome to the work force."

All of them, though, will proceed to new opportunities and challenges. Students who advance to high school, college or graduate school will be stretched in new ways, socially and scholastically.

Meanwhile, this year's college graduates will face a tougher test: a sluggish economy and slumping job market. Many fear what they call the black hole syndrome -- too many graduates; too few jobs.

Camille Luckenbaugh, an employment information manager with the National Association of Colleges and Employers, told The Bee that hiring this year will flatten following a 36.4 percent plunge in hiring last year.

Despite that hurdle, college graduates have the skills to thrive -- and can embrace the chance to write the story of their own lives. They can choose their direction, vocation or profession. They can get involved in their communities. They can, as urged by former state Sen. Patrick Johnston of Stockton, the keynote speaker last week at the graduation at California State University, Stanislaus, give back to the world and make a difference in people's lives.

Stanislaus State graduate Catherine Austin, 22, recently landed a sales and marketing job at Boyett Petroleum in Modesto. She suggested that graduates make themselves known in the business community and seek creative job prospects. That's sage advice.

Creativity and determination also are required in the academic community, because it's not just grads who face tremendous challenges and opportunities. The schools and colleges themselves have some formidable tasks ahead.

As California grows and evolves, educators at all levels are expected to turn out increasing numbers of skilled, productive men and women. At the same time, educational resources are shrinking under the weight of a massive state budget deficit.

Pinned in that quandary, education officials will continue to confront tough questions about how to cut spending without gutting programs or damaging curriculum.

They, like graduates, have huge and consequential choices to make. But they, too, can select their own paths and make the best of challenging times. Out of adversity comes opportunity. And from opportunity grows reflection, prioritization and improvement.

To all graduates in the Class of '03, nice work, congratulations and best of luck from The Bee