Spring 2020 marked the onset of one of the most tumultuous eras in recent memory. The rapid spread of COVID-19 wreaked havoc on communities across the globe, and in the U.S., the epicenter of the outbreak was located in Washington State. Beyond the immediate concerns around personal health and safety, COVID-19 produced a host of other issues that caused significant disruption in all areas of life. States shut down their economies to curb the spread of the disease, booting millions of Americans from the labor force and onto unemployment insurance. This abrupt and comprehensive shutdown differed from any event in recent history, leaving many unknowns as we look towards recovery. How well this crisis is responded to hinges on the ability to anticipate the impact, mitigate the negative consequences, and bolster areas that will aid in recovery. One way to do that is to learn from history. Using a prior significant economic downturn, the Great Recession, as an example, the authors will examine the effects of the great recession on higher education and the labor market, drawing lessons about resilience and recovery. This report will begin by examining the effects of the 2008 Great Recession on higher education and the labor market and the ensuing economic recovery. The authors then present observations from the growing body of evidence around student and workers' experiences during the current crisis, highlighting COVID-19's disproportionate impact on marginalized populations. Finally, the authors discuss priority areas for addressing educational inequities and economic challenges exacerbated by the pandemic. Ultimately, it is the hope that this report serves as a guide to policymakers and leaders in higher education in determining strategic priorities and paths towards recovery during these unprecedented times. [For the executive summary, see ED613310.]