College costs even higher for students who don’t graduate on time

Four years at college is pricy enough, with the average cost of one year at a 4-year private university topping $40,000 and $18,000 at public universities.

Over the course of four years, those costs really add up. But the majority of American college students doesn’t even finish their degree in that time, according to a new report from the U.S. Department of Education.

Even after 6 years, 45% of students still won’t be done with their bachelor’s degree.

Higher costs, lower earnings

But the costs of spending an extra year or two at college go even further than tuition, fees, room and board. For every year a student spends at college past the usual four years, they lose an extra year of full-time earning potential.

According to another report by the Los Angeles-based Campaign for College Opportunity, the average student at a California State University who takes six years instead of four to earn a bachelor’s degree will spend an additional $58,000 and earn $52,900 less, over their lifetimes, than a student who graduates on time, for a total loss of $110,900.

To make matters worse, most state financial-aid programs cover only four years of schooling, meaning that the student will have to find a way to pay for those extra years outside of scholarships, grants and low-interest federal loans.

How students fall behind on their degree

It’s not always the student’s fault, either. Students who transfer to a 4-year college often have to retake classes, and many required courses aren’t offered every semester, leaving the student with a limited amount of time to fulfill requirements.

Additionally, if a student changes his or her major, they’ll have to take extra classes toward the new degree, which could delay graduation.

College advisors aren’t always very helpful, either. In some cases, a student may not realize he or she needs to take a class until the final semester.

To prevent this situation from happening to you or your student and adding thousands to your college bill, it’s crucial to plan ahead.

Plan early to avoid extra time spent at college

Freshmen should meet with their advisor as soon as possible to discuss majors and start planning out their college course schedule. It’s important to look ahead to when required classes are offered and plan accordingly.

If you find yourself beyond on your degree, consider taking summer classes at your university or a local community college. And if you’re still in high school, taking Advanced Placement (AP) classes or other courses for college credit can help you knock out college requirements, leaving you more time to explore different subjects in college before making a final decision on your major.

When choosing a college, it can also be helpful to look at the percentage of students that graduate in 4 years to gauge whether it’s likely you’ll have to spend additional years earning your degree.

Whether you’re just starting college or already a few years in, we can help you reduce college costs and repay your loans. Feel free to call us at 1-888-234-3907 or contact us here for help making college affordable.