First, kids who drop out of college or move to p[art time are not students who can afford to spend another year, just hangin’ out.
The assertion that $12K isn’t a lot of money, and that students are deciding to hang out around Austin for another year, rather than start earning a salary are simply unrealistic for 80% of the families in Texas. At least 80% of the kids in Texas aren’t from families which are making enough money that they can afford another year of tuition and room and board for their student. A good percent can barely pay for the first two years.
The ones who are not completing within four years are likely doing part time to work, and most of those who are not finishing in six years are probably doing so for financial reasons.
Finally - UT Austin is a top school, and these are the students who were at the top 6% of their class. These are not students who are going to move to part time so that they can spend more time just taking in the city sites or going to music festivals.
The caliber of students at UT Austin is the same as it is at any Top 20 university, and they are just as hard working and just as ambitious as the students at Columbia University. If any student would want to stay and enjoy the city, it would be a student living in NYC. Yet Columbia students are graduating at the same rate as Middlebury students.
Finally, students at Middlebury LOVE living at Middlebury, and many would happily stay for another year if they could. Not everybody hates living in isolated rural areas which are also beautiful.