The ability to complete a four-year college degree in three years is not new. Technically, any student with the motivation has had the ability to do this, assuming the school offers the required classes in the time frame the student needs them.
Since this seems like an easy way to reduce the overall cost of higher education, one might think that many students would take the graduation fast-track approach. Not only is this not the case, though, but a 2014 report from Complete College America showed that less than half of all students complete their degree on time. And according to the National Center for Education Statistics, only 60 percent of full-time undergraduate students graduate within 6 years.
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While no statistics are available for those who graduate early, anecdotal information seems to pin that number at considerably less than 1 percent. This seems primarily due to students switching major s part way through, insufficient academic counseling and students choosing courses that do not contribute to their chosen credential.
In the interest of helping students reduce their overall debt, several schools have introduced programs to make it easier for students to graduate sooner. In February, New York University introduced a program called NYU Accelerate to help students graduate early and reduce costs.
The program created “acceleration advisers” that can help students look at options to reduce the time needed to graduate. This can include summer classes, transferring credits and taking more than a full-time course load per semester.
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If increasing your course load or losing your summer break seems daunting, consider the savings. Lesley University, for example, offers students a road map to achieving a four-year undergraduate degree in only three years. With an average cost of $32,000 per year and even with the added costs of extra courses and winter break accelerated courses, students who graduate in three years stand to reduce their debt significantly.
Not only will they not have to borrow the estimated $12,500, the annual undergraduate Stafford loan limit for students in their third year or beyond of an undergraduate degree, they would also gain the additional income and experience that comes with starting their career a year early.
Considering that a significant number of students actually take two years longer to complete their degree, students who graduate early would save more than $35,000. Add in interest for the 10-year standard repayment plan for a $35,000 federal Stafford loan balance, and that is an almost $50,000 savings for graduating in three versus six years.
As far as the three-year degree framework goes, however, the U.S. seems to be somewhat behind . In Europe, a number of countries have agreed to phase out the four- and five-year degree standard as part of what’s known as the Bologna Process. The project has been controversial at best, with some praising the reduced cost while others disparage the lost experiences of college students and the assumption that the proposal was more about lowered costs and increased tuition for schools than reducing debt levels for students.
So what’s the best strategy for finishing early and decreas ing debt? First , find an adept academic adviser at your school who can ensure you aren’t taking any unnecessary classes. If you choose to double major, such an adviser may also be able to show you where you can take classes that may apply to both majors, saving time and money.
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It’s almost as important to be absolutely sure of the major you want to pursue or wait as long as possible to declare one. According to some surveys, as many as 80 percent of all students change their majors at least once. This clearly accounts for the high percentage of students who also end up completing — and paying for — credits they don’t need for their degree.
On a similar note, be sure your school is the best fit for you — culturally, geographically, financially, etc. — before starting. Transferring to a different school, another common occurrence for college students, can often lead to lost credits as a result of the new school’s credit transfer policy.
Taking classes during summer and winter sessions is also a quick way to reduce the time spent in school . But consider these options carefully.
Reducing the amount of debt you have to take on is certainly important, but if you end up failing classes because your workload is too much, you haven’t saved yourself anything. There’s also something to be said about the college experience, so make sure that even if you’ve given yourself an aggressive schedule, you make time to enjoy those experiences.
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Want Less College Debt? Graduate Sooner originally appeared on usnews.com
