How can you save over $20,000 on college costs? Graduate on time.
At four-year schools, only about 40% of full-time students graduate on time, according to the National Center for Education Statistics, part of the U.S. Department of Education.
For some students, it is because they sign up for too few courses in certain semesters and don’t earn enough credits in time. Other students can enroll in too many courses that don’t count toward a degree. In still other cases, students have to work to cover their expenses, which sometimes interferes with studies.
Such delays add up. An additional year of school in a public four-year college will cost $22,826, on average, according to the nonprofit Complete College America. Then there is lost income to consider. Students who stay in school an additional year miss out on about $45,327 in salary, on average.
All told, Complete College America estimates that an extra year of college can cost as much as $68,153.
More colleges and universities are trying to improve their on-time graduation rates. The move, some say, is a response to the rising cost of tuition and stagnating family incomes. But it also makes financial sense for the schools. When students are on track to graduate on time, dropout rates fall and revenues rise........
Click below to read the full article via WSJ
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