A two year-old article (Time Mag) states that:
“While undergraduate education is typically billed as a four-year experience, many students, particularly at public universities, actually take five, six or even more years to attain a degree. According to the Department of Education, fewer than 40% of students who enter college each year graduate within four years, while almost 60% of students graduate in six years. At public schools, less than a third of students graduate on time.” http://business.time.com/2013/01/10/the-myth-of-the-4-year-college-degree/
How do you get your kids to graduate in the traditional four years these days? Do you offer to pay for only 4 years? Is it reasonable to even expect this anymore? (My oldest is only a sophomore at this point, but we are beginning to plan our finances for the college years. Do we plan for 4, 5, or 6 years for each kid?)
Plan for 4, make it clear to the child what causes a later graduation: …dropping classes, not paying close attention to requirements, changing majors, not taking classes at undesirable times (8a or evening).
Typically the child CAUSES the delay in graduation.
Sometimes it’s a “family effort.” The child has the main responsibility of staying on top of everything, but since it’s an expensive process, some parent oversight can catch mistakes.
The above…but I would pay for more years if the kid had a good reason for taking longer.
Call me a sucker, but that would include changing major or being in a major that is best done in five years (some kinds of engineering, some business majors that look better with a fifth year that is like a masters).
If college takes my S’s more that 6 years, we better be calling them doctor at graduation…
I’ll pay after 4, but only for a higher degree.
Thanks for the replies. Do you think “a good reason for taking longer” would be the child taking less classes per semester for relief from the stress of a full load?
One can actually check the 4 year graduation rate for each school. Some publics do take longer than others. I have seen >90% but also <50%. I think the national average is around 69%. My D’s school has a 72% 4 year graduation rate, but she is in engineering which typically takes longer. However, she is planning to graduate in 4 years with dual engineering majors (or in 3.5 year for ChemE alone) with ~15 credits/semester. It is possible only because of her AP credits that cover most of the elective requirements and freshmen Chemistry, Physics, and Calculus, basically a whole year of college work. She can earn enough credits for graduation in 3 year but the class schedule would not allow graduation in less than 3.5 year with her major.
It’s really a case by case basis. Things happen.
Paying for an extra semester or even a year shouldn’t be the end of the world.
Schools offering merit or full need may not extend that past four years.
Some schools may allow you to take a course or two in the summers at a local school, to allow you to take a slightly lighter course load during the school year.
My kids were both on scholarships that only lasted for 4 years. We told them that if they needed more than 4 years, they would have to fund it themselves. Not that we don’t support our kids or love them, but financially, we can’t afford more than 4 years.
We planned for 4 years/ 10 semesters (in case they wanted to do foreign study) for number 1 and 2 and they were able to finish in 4 but many of their friends at college did not…many. Both kids returned for the “next year’s” graduation to see their friends. We planned for 5 years (10 semesters) for #3 because admissions told us most engineering students took 4 1/2 years and a few friends had kids graduate from the same program at the same uni and they also said 4.5. #3 is interested in a double major and/or study abroad a semester during the next two years which would take an additional semester so we planned for 5. So far he’s on track for the primarily degree in 4.5 taking one class last summer and one class on-line this summer.
I would not be on board for 6 years while we’re funding unless there were a couple semester gaps where the kid was working and we weren’t making tuition payments. Our limit is/was 10 semesters spring, summer, fall, however they want to do it. We are appreciative of the one that got it done in 8 and the one that added a couple summer classes and got it done in 9. I’m positive #3 will take the full 10 semesters as I’m positive he will either add that second major or take a semester “off” from engineering school and do a semester study abroad.
Anecdotally we have a good friend who’s kiddo had a enough AP and nearby college credit and was qualified to graduate in 3 years, but wanted a senior year with her friends. I suspect that it’s a rare bird that can do it in 3 and is ready and willing to jump into the 8-5 work fray.
Paying full pay for colleges that cost $60k+ per year and have 4 yr grad rates at the top end of the range. We’ve made it clear to our kids they get 8 semesters of tuition, room and board paid for by Bank of Mom and Dad. Having friends with student loans they realize they are fortunate. The only exception we would probably make is a health issue out of the child’s control. Knock on wood, we won’t need to consider that.
That’s what I am inclined to say to our kids–4 years and then the funds from mom and dad cease. I guess that puts a bit of pressure on the kid, though, to take a decent # of APs in HS to lessen the college load, choose a school with a good grad rate, take a full load of classes once in college, and take out loans or a job to cover the rest.
@zekesima - Mine took no APs, is studying abroad, and should (fingers crossed - don’t want to jinx it) graduate on time. Granted, not an engineering major, but has worked 10-15 hrs per week every semester, always taking a full load.
Definitely look at schools with good grad rates and where a student can successfully get the courses he/she wants. I think its totally doable and well within a parent’s expectations.
Both my kids took an inexpensive gap year between high school and college which I think helped get them re-energized for studying again and reinforced the importance of a college degree.
There are lots of reasons some students at state universities don’t grad in 4 years, including that they weren’t really “traditional students” to begin with. The article leads with an example of a student intent on not racking up debt.
I think general “relief from the stress of a full load” is the last reason I’d endorse taking so long. The exception, certainly, is a kid able to manage the work, but dealing with many recognized challenges.
And no, I wouldn’t say just take out more loans.
3, kid has APs and IB credit that should fulfill all but 1, 1 hour credit in freshman year and most lib ed (eng course). I have friends whose kids are taking 6 yrs to graduate and this is not an option to my kids.
Could kid take a few CC classes in the summer to lighten the load?
We went for the zero option. Okay, 1 year at the local public school if they live at home. The main reason is for them to be responsible for their own education. In my experience, kids tend to work harder at things when it is on their dime. It also helped to get them actively working toward finding a way to pay for school and to find affordable schools to attend. When the kids have no real understanding of the costs and mom and dad open up the checkbook without being very specific, it can cause serious problems. Plan on paying 10K a year at a local public and the kid gets into an elite school that charges 5-6 times that. Multiply for 4 kids (in our case) and it is a recipe for financial disaster.
If you are blessed enough to have the resources to pay for school, I certainly would not pay for more years because the kids wanted to take a lighter load. If they cannot hack the load in college, real life will be an eye opener (or they will be back at your house after graduation waiting for their dream job after going to their dream school). 15 credits is a ‘normal’ load. That is only 5 classes. If your child is having problems with the coursework at that pace, they are in the wrong major or do not belong in college (or at least in the college they chose). If they want to take a lighter load in a semester (for whatever reason) that is why they have summer school and ‘Winter term’.
S1 is not only going to finish in 4 years, he will do it with an MS in ChemE. Set high expectations and be a mentor for your child to believe they can do hard work. Guess what? They can. He is happy and proud that he is doing it on his own. Amazing what a little self-reliance can do to make an 18 year old an adult in more than just name.
If you’re paying per credit than it doesn’t really matter much if they take the same number of credits how long they take.
^^ Correct and I agree with that Vlad. We expected the kids to take as close to 15 credits as they could and I frowned on my third taking semesters with 18 (as the engineering flow chart would have them to do finish in 4 years). But the housing and board costs exceed what they can earn working 10-20 hours a week so an additional year of housing and food can easily equal an additional $10,000 or more if your kid is in a spendo place. The summers are almost a wash since for my kids their leases were for a year - not for a “college year of 2 semesters.” It was more about setting a boundary so they kept on-point about college. it was about encouraging them settle on a major sophomore year so they didn’t have a bunch of classes that while interesting and probably valuable meant they had extra semesters to graduate because they couldn’t fit the major required classes into the last two years. I’ve had too many friends who kids slide by with 12 credits and then drop a class here and there and everywhere and switch majors two or three times…that’s how the time can reach 6 years in a blink of an eye.
For us, budgeting for 10 semesters gave us “padding” in our college budget for anything unexpected and believe me the unexpected occurs much more often than one thinks - we had zero income except an early retirement buyout package for a year and a half in the middle of the depression a handful of years ago and I was so happy we didn’t exceed our college budget and thrilled when one and two graduated in less than 10 semesters.
Budgeting for 10 semesters tuition also enabled us to help #1 and #2 transition the summer after graduation to their jobs, taking over their cell phones, getting settled into places to live.for a couple months, taking over their car insurance before they were really financially separated from us. The kids understood it was not what COULD we afford or what COULD we pay for, but what WERE we going to pay for and how much that was total. #3 knows it all stops when he grabs that engineering diploma semester 10 if he goes that long.
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Thanks for the replies. Do you think “a good reason for taking longer” would be the child taking less classes per semester for relief from the stress of a full load?
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Well, the issue is that many univs charge the same price for 12 credits as they do for 16, but if a student only takes 12 credits, you’ll pay for “full time,” but the student won’t graduate on time.
Taking an extra year or even just one extra semester can be very expensive. As mentioned earlier, financial aid and merit awards usually stop after 4 years.
If your child is living off campus for that last year, you could end up needing to sign (and pay ) for a 12 month lease, even the child is only going to school in the fall semester.
Both of my kids came in with AP credits and could have graduated in 3 years, but they (and we) wanted them to have the full 4 years experience, so they took extra classes for enjoyment that last year.
If there is a need to take a light semester, then find out if the school will allow the student to take a class or two over the summer to lighten the load.
Kid #1 graduated in 4 years. She could finish early but she loved her college so didn’t matter to her. Kid #2 could graduate one quarter extra in top of the 4 year. She might just taking 8 units so I might be paying less than the full tuition. I don’t have a deep need to hurry her and it’s not like she couldn’t graduate in 4 years, she may still. But she manages her schedule/stress/GPA/internship/part time job. The 4 year graduation rate could be misleading because students now have internships not just in the summer. Some students have 9 months internships. It’s not like years ago when I graduated, internships were not important. Now it’s almost a requirement to get job after graduation.