Are Four Years of College Financing Enough?
Delayed Graduation Could Boost the Cost of a Degree
When many parents prepare for financing a child's college education, they base their plan on the expectation that their child will graduate in four years. However, the time to graduation is often longer.
The U.S. Department of Education's National Center for Education Statistics (NCES) tracked the progress of first-time students seeking a bachelor’s degree or its equivalent and attending a four-year institution full time in the 2000-2001 school year. It found that only 36 percent of students graduate from college within four years. And only 57.5 percent of undergraduates who began that year had attained a degree or certificate six years later, in 2007.
OT? Oh No!
Overtime (OT) in college translates to a very different financial ball game. It means a significantly higher total cost for a college education. A fifth year could boost the total cost by about 25 percent.
Why More Than Four Years?
A number of reasons explain the delay:
- Students are taking time off to work to help finance their education. Depending on a student's commitment, the actual time in school could still be only four years; it could be spread over a period of five years or longer that includes time off to work.A student may take a slightly lower course load each semester to balance school and work.
If a student is working while attending college, he or she might take a slightly lower course load each semester, to balance school and work. Families must weigh the cost of additional time in school against the amount of money the student can earn to help finance his or her education (and the potential benefits of the work experience). Some students do manage to work and take a full course load. - Another reason for the delay is that many students switch schools. According to the U.S. Department of Education, nearly 60 percent of undergraduates attend more than one institution. While there are many good reasons to transfer, care should be taken to plan ahead. For instance, community college students should work with an advisor to make sure the credits they earn will likely apply toward a bachelor's degree if they decide to transfer to a four-year college or university.
- Not surprisingly, teenagers often don't know what they want to do with the rest of their lives. The National Research Center for College and University Admissions estimates that over half of students switch majors at least once. Although college should be a time of exploration, changing majors as a junior or senior or switching numerous times can cause students to fall behind schedule when it comes to completing required courses.
- Other factors include needing to take remedial courses and desiring to protect one's grade point average (GPA). If the student's skills and education are not completely adequate for college-level work, remedial courses may be needed. This adds to the overall course load and could extend the time to graduation. Furthermore, to maintain a high GPA, a student may take a lighter course load, putting more time into classes to achieve better grades.
- There is also the possibility of being shut out of popular or required courses. Entry into classes is based on seniority, so upperclassmen fill the available spots and freshmen and sophomores can be left out in the cold. Some courses may be prerequisites that must be completed before students can take more-advanced classes in their major. Registering for classes as early as possible is the best way to ensure getting into desired courses. A student who doesn't get into a required course should sign up for the class waiting list or find another class to take that fulfills the requirement.
What Can Parents Do?
Parents should honestly evaluate the likelihood that a child will graduate in four years. Is this person a good student who works hard in school and is serious about an education? How clearly defined are the students goals? Parents should honestly evaluate the likelihood that a child will graduate in four years.
Parents should determine how many credits are needed to take each semester to graduate in four years and make sure the child takes that course load. If this isn't happening, parents must find out why and adjust their financial plan accordingly.
If a student falls behind, taking a few summer school classes could remedy the situation, although summer boarding at a school may be expensive. As an option, your child can live at home during the summer and take courses at a nearby two- or four-year college. However, students should check with an advisor at their school to see which courses and how many credits will transfer.
Planning ahead and monitoring your child's progress is the best way to make sure that school goes smoothly. Overtime may make a basketball game more exciting, but it's the last thing parents want to see for their child's college education.
