I also was afraid of this happening to me, and guess what? I'm here.
I suggest you at least have a gig before you graduate, even it's just waitressing or whatever, so you can at least live on your own. Of course, unless you don't mind living at home.
I started early looking for a job, and still didn't have anything when my lease was up on my apartment. Looking was seriously a full time job in itself, all the running around, driving, faxing, emailing, filling out applications that took forever....
Anyway, I hope things turn out better for you than they did me. I wish I would have known alternative ways to go about a career. Learn to be a self-starter. This is very important. Think of other ways to make money doing what you like to do. I'm learning that even after finding a job, people still aren't satisfied, and end up doing things on the side on their own to make money, and to add fulfillment to their life.