I am also in the beginning of my career. I graduated from a fairly good US public university with CS degree in December 2009. I got good, but not excpeptional, grades. I kill it on any coding tests I've been given but had zero professional experience upon graduating. No internships, no open source, no significant research. I live in the Northeast USA. The way you speak of your college, it sounds like you are at least as well positioned as I was.
Since then I have successfully obtained 6 job offers, the least of which was at $45k with a good benefits package. Nothing resembling unpaid training at all.
Furthermore, I have a not-insignificant criminal record. This disqualifies me from a good portion of the job market, including just about anything even tangentially finance related. Despite this, I have received 6 job offers that stuck and several others that were last-minute revoked due to my past. I currently work at a job I enjoy at $65k yearly. Your position seems better than mine was, so you should be able to do at least as well.
I can't overemphasize that you can do better than this. We are an in demand field. Make sure you've got updated resumes/profiles on Monster.com, CareerBuilder, StackOverflow Careers, CyberCoders, etc. Most (if not all) of the jobs that panned out for me DID NOT come from me applying. They came from companies or recruiters contacting me after seeing my resume on some of the above sites.
Good luck and don't sell yourself short.