You've lost your job. But you don't immediately panic. After all, you have an undergraduate degree and perhaps an advanced degree. You either saved or more likely borrowed heavily for this get-out-of-unemployment-free card. So with your beefy resume, you begin applying for jobs confident that you will land something soon paying the high five-figure or six-figure salary you've been accustomed to earning.

But then you hear those dreadful words: "I'm sorry, you're overqualified."

In a Homer Simpson moment, you exclaim: "Doh!"

Unfortunately, many highly qualified and educated professionals are discovering that their overqualifications are a scarlet letter on their resume.

Since the recession began in December 2007, the economy has lost 5.1 million jobs, with almost two-thirds of the losses (3.3 million) occurring in the last five months, according to the Labor Department. During that period, job losses were large and spread across major industry sectors with the number of unemployed increasing by 694,000 to 13.2 million.

If those numbers aren't scary enough, the government figures show a disturbing trend. The number of long-term unemployed (those jobless for 27 weeks or more) rose to 3.2 million in March and has increased by about 1.9 million since the start of the recession.

Obviously with massive lay-offs and the extended time it takes to find a job, many of the unemployed are downgrading their job expectations and are going for positions for which they are overqualified just so they can pay their bills. However, professionals are finding employers are reluctant to hire them.

In some cases, employers are too cowardly to tell someone they're not the right fit for a position so they use the "you're overqualified" route as an easy out.

But as I work with individuals searching for employment, it's more often the case that employers fear if they hire someone who is overqualified he or she will quit as soon as a better offer comes along. Others worry the candidate may get bored or become dissatisfied with the position because they are earning much less than they are used to making.

In this year's Colour of Money Challenge, I'm working with individuals who have lost their jobs because of the recession. The issue of being overqualified has come up quite a bit.

Bobbie Wilson, one of the challengers who agreed to let me help her and her husband get through their financial troubles, heard the dreaded words right away during a recent job interview.

The Maryland resident said she tried to persuade the hiring manager that she didn't mind taking a pay cut and a step back. The job, an administrative assistant position, wasn't even full-time.

"The manager kept saying she thought I would get bored," said Wilson, a graduate of George Mason University with extensive paralegal and office administration experience. "I was honestly upset. I was telling the person I was OK with the position and it fit my lifestyle. I was also a little stressed because I really needed to get back to work."

Wilson said it was a frustrating interview, especially since the hiring manager was impressed with her resume. She earned a paralegal certificate from Howard University and was the class valedictorian. Yet her pleas didn't matter. She didn't get the job.

So how do you get past managers who want to stamp you with the "O" word? Here are some of the suggestions I've given to Wilson and others applying for lower-level jobs:

1 Simplify your resume. If you have an advanced degree such as a master's, don't list it on your resume. If asked, don't lie, but you want to at least get an interview and a chance to explain why you are willing to take a job that you may be overqualified for.

2 Beat the manager to the overqualified punch. In your cover letter or if you're fortunate to get an interview either face-to-face or on the telephone, acknowledge that you may appear to be overqualified for the job. But stress that you are willing to work hard and at a lower position. And you need to be convincing. This means you have to mean what you say.

3 Address the pay issue. You don't want to talk money too soon, but be upfront that you are willing to work for less — probably much less than your previous job. Again, be authentic. Without sounding desperate — even if you are — explain that given the economy, you have realistic salary expectations.

This recession has been a humbling experience for the highly experienced professional. So my last tip is: Watch your attitude when employment hunting.

Hiring managers are flooded with applications and they don't have time for someone who might look down on the position they are trying to fill. Think of it from that person's perspective. It costs money to fill and then refill a position. You may say you are willing to work for anything, but they can tell if you're just buying time until you can get a better job.

Readers can write to Michelle Singletary c/o The Washington Post, 1150 15th St., N.W., Washington, DC 20071. Her e-mail address is singletarym@washpost.com. Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.