I'm a pretty young employee, graduated last December and took this job when the industry was booming. If the worst happens to me (idk if it will, I'm relatively cheap and I have more work coming my way), I'm going to enter graduate school.
As for the others with kids and mortgage, Im sorry if it happens. Get the most out of any severance and remember your rights, they cant f— us all over. Stay strong in this economy, we all have to stay strong with this crisis.