I love the term underemployed.

The labour market determines your value based on your abilities, knowledge,  skill, attitude, personality, etc.

Going to school for four or eight years hasn't earned you the right to deem yourself "underemployed" (i.e too good for this job)

I remember working in a IT Call Centre for $12 an hour back in 2002 with a bunch of  very competent IT professionals laid off after the Nortel Crash (Electrical Engineers with 20+ years experience).   The ones who thought they were too good or didn't deserve to be there and sulked ended up being there the longest.

The ones who came in everyday and worked hard,  ended up finding jobs pretty quickly (or moved up in the company).