Busting the Four-Year Graduation Myth
Are you on the 4, 5 or 6 year plan for getting your degree? Obviously spending extended time in college means spending, well more time in college. What a lot of people ignore is that the longer it takes to graduate college the more money you spend too. Unfortunately, the cost of extending your college education beyond four years adds up quickly to the tune of about $23,000 per extra year.
Myth: Most students graduate college in four years
Truth: According to the the National Center on Education Statistics: The 2013 6-year graduation rate for first-time, full-time undergraduate students who began their pursuit of a bachelor’s degree at a 4-year degree-granting institution in fall 2007 was 59 percent. You read that right, nearly 60% of students graduated in six years.
What does one extra year cost you in tuition, fees, room and board?
Two-Year Public College: $15,933
Four-Year Public College: $22,826
Chew on this. The average starting salary for the class of 2014 was $48,127 (Liberal Arts: $38k, Business $49k , Engineering $65k). By tacking on one extra year in college you also miss out on a year of salary. Add it all up and that 5th year in college could cost you $70,953! Now consider that many students are graduating in six years, and count up the money those students are leaving on the table.
Can you afford to walk away from $70,000? When you fail to plan, you plan to fail. You need a plan. Even if you have already started college, you need a game plan to make sure things don’t overlooked. Get started by downloading my free guide 5 Tips to Make Sure Your Graduate in 4 Years right now! Don’t fail to take action and don’t settle for average!
Latest posts by Sharise (see all)
- 4 Things to Do Three Months Before College Graduation - February 16, 2019
- Thurgood Marshall College Fund’s Entrepreneurship Competition - January 16, 2019
- Paid Minority Internship Recruitment Programs You’re Missing Out On - November 27, 2018