Most students don't graduate on time
Insights on how graduating late can significantly hurt students financially
What is a provocation or insight that might inspire others during this challenge?
Did you know graduating a year late can cost students nearly $70,000 in lost wages and school expenses. Is the four-year degree a thing of the past? Most students simply don't graduate with their degrees on time. And this is because in actuality our system of higher education costs too much, takes too long, and graduates too few.
Surprisingly, only 36% of students pursing a 4-year bachelors graduate on time. Many students take longer to graduate because they run into obstacles when transferring between colleges- such as losing credits in the process- or because they make poor choices when selecting the right majors or because they can't get the courses they need on time. Spending an extra year or more can significantly increase the financial burden on students and their families. It is estimated that an additional year at a two-year college for a student would come with a price tag of $15,933 in cost of attendance (tuition and fees, room and board, books, transportation and other costs), and amount to $22,826 at a four-year college. Students also would lose out on wages they could have earned if they graduated on time.
In the end, it all boils down to the question: How can we raise the percentage of students that graduate on time so they can avoid extra college-related expenses?
Please see attachment for more statistical numbers
Numbers were obtained from a report published by Complete College America