take a toll on ~

クリスマスに暗い話題で申し訳ないですが，Japan Times OnlineのEDITORIALには大学生の就職活動が採り上げられていました。tollは「使用料」「死傷者数」という意味で用いられる単語ですが，take a toll on ~で「〜をすり減らせる」という意味があります（『プログレッシブ英和中辞典』小学館）。ここでは「就職活動で多くの学生が消耗させられている」と解釈できます。（Koyamamoto）

Tough times for graduating students
The job-hunting season for university students went into full swing on Dec. 1 as major enterprises started recruiting students who are scheduled to graduate in the spring of 2014. Students are likely to increase their chances of finding good jobs if they explore employment opportunities at small and medium companies as well as at the major companies traditionally viewed as the most desirable employers.
... Companies will likely be very selective in hiring students. An estimated 157,000 graduating university students have yet to find jobs, and the search for jobs is taking a toll on many.
http://www.japantimes.co.jp/text/ed20121225a2.html