This paper studies the long-term labor market consequences of graduating college into the Swedish economic crises of the 1990s for a sample of Sweden born men, who graduated college between the years of 1985 and 1998. Because the timing of graduation is likely to be affected by the economic conditions, I instrument the unemployment rate at graduation using the unemployment rate at age 25, which is the modal age of graduation. I find no strong evidence that the long-term labor market outcomes of the average graduate is affected (up to 12 years after graduation). However, a heterogeneity analysis over cognitive and non-cognitive abilities suggests that individuals with high non-cognitive abilities suffer significant earnings losses for at least 5 years after graduation.