University Graduation Rates: Four-Year Timeline Analysis

The four-year degree is quickly becoming a misnomer, with only 41% of American college students graduating within four years. The majority of colleges and universities in the United States have four-year graduation rates below 60%, including many competitive, flagship institutions.

There are many reasons why students are taking longer to graduate. One reason is that students are having to take a reduced course load to balance work and their studies. Students are also taking time off to deal with unexpected financial and personal challenges. Another reason is that students are having to retake classes to improve their grades.

Students who attend colleges that offer a challenging curriculum are more likely to graduate on time. Students are also more likely to graduate on time if they attend institutions that are commensurate with their academic qualifications.

Student debt and the cost of college

The cost of college has been steadily increasing over the years. In 1989, it cost $17,010 a year to attend a private four-year college and $3,360 a year to attend a public four-year college. Today, those prices are closer to $35,830 and $10,230, respectively. This increase in college costs has resulted in a corresponding rise in student debt. The average student borrows over $30,000 to pursue a bachelor's degree, and the total student loan debt in the United States, including federal and private loans, stands at $1.75 trillion.

The rising cost of college has also led to a decline in college enrollment rates. Data shows a 5% drop in enrollment among 18-year-old freshmen, with a more than 6% decline at public and private nonprofit four-year colleges. The primary reason for this drop is the increasing cost of higher education, which serves as a barrier for many prospective students. Technical difficulties with the Free Application for Federal Student Aid (FAFSA) have also contributed to the decline, as students are left uncertain about their financial aid packages.

The time it takes to complete a degree is another factor that impacts the cost of attending college. According to the National Center for Education Statistics, only 41% of first-time, full-time college students earn a bachelor's degree in four years, and only 59% do so in six years. This means that many students are left with college debt without completing their degree. Low graduation rates can be attributed to various factors, including unpreparedness due to inadequate elementary, middle, and high school education, financial and personal challenges, and the inability to enroll in required classes in a timely manner.

To address the issue of rising student debt, some have proposed student loan forgiveness plans. For example, President Joe Biden's student loan forgiveness plan, which was challenged in court, would have forgiven up to $20,000 of federal student debt for borrowers who were Pell grant recipients, and up to $10,000 for other borrowers. Additionally, the Saving on a Valuable Education (SAVE) repayment plan aimed to cut undergraduate loan payments in half and prevent borrowers' balances from growing due to unpaid interest. However, this plan also faced legal challenges.

While the cost of college continues to rise, it is important to note that graduation rates are often published as the number of students who graduate after 5 or 6 years. Additionally, there are steps that students can take to keep their costs down, such as avoiding financial traps like keeping a car on campus, choosing housing wisely, and planning their path to graduation as early as possible.

The impact of graduation rates on the national student debt crisis

The graduation rate for students obtaining an undergraduate degree in the US is surprisingly low. In 2020, the overall six-year graduation rate for first-time, full-time students seeking a bachelor's degree was 64%. This figure drops to 41% for those seeking to graduate within four years. This low graduation rate has a significant impact on the national student debt crisis.

When students take longer than the expected four years to graduate, they accumulate more debt. This additional debt has a ripple effect on the economy, as it prevents borrowers from making major purchases, starting businesses, or simply spending money on goods and services. The impact of this debt is felt not only by the individual borrowers but also by the broader economy.

One of the main reasons for the low graduation rates is the increasing cost of college tuition. In recent decades, college tuition prices have risen faster than median incomes, leaving many students with large amounts of debt. This is especially true for students from low-income backgrounds, who may struggle to keep up with the rising costs. The COVID-19 pandemic has also played a role in delaying graduation timelines, as many students had to take time away from their studies or found it difficult to complete their courses online.

The high cost of college, coupled with the low graduation rates, has contributed to the student debt crisis in the US. As of 2024, more than 42 million Americans held outstanding federal loan debt totaling more than $1.6 trillion. This debt burden has led to concerns about potential economic impacts, as it affects the financial decisions and spending power of a significant portion of the population.

To address the student debt crisis, the US government has implemented various strategies, including student debt relief (SDR) and the Saving on a Valuable Education (SAVE) loan repayment program. These initiatives aim to reduce the debt burden on existing borrowers and make repayment more affordable for future students. However, the effectiveness of these programs is yet to be fully realized, and the student debt crisis remains a pressing issue in the United States.

Why some students take longer than four years to graduate

According to the National Center for Education Statistics, only 41% of first-time, full-time college students in the US earn a bachelor's degree in four years, with 59% earning a bachelor's degree in six years. The six-year graduation rate was 63% at public institutions, 68% at private non-profit institutions, and 29% at private for-profit institutions.

There are many reasons why students take longer than four years to graduate. Here are some of the most common ones:

Work

Many students choose to work full-time while studying part-time to mitigate future student debt. It can be challenging to balance a full course load with a full-time job, so most working students opt for a reduced number of classes. Summer classes can be particularly difficult for working students as the workload is condensed into fewer weeks.

Transferring schools

Students may lose credits when transferring to a new school, as different institutions may have different requirements for the same degree programme. This can set students back and add time to their degree.

Changing majors

Students may change their major or add a minor, which can result in them having to take additional classes and fall behind in their programme.

Studying abroad

Study abroad programmes often include classes outside of a student's normal academic path, adding credits that may not count towards their degree. This can delay graduation, although some studies have found that studying abroad can lead to quicker graduation times.

Personal circumstances

Unforeseen events such as personal tragedies, mental health issues, financial difficulties, or unplanned pregnancies can cause students to take time off or reduce their course load, delaying their graduation.

Inability to enrol in required classes

At large universities, students may struggle to enrol in the classes they need to graduate on time due to high demand or limited availability.

Inadequate preparation

Students who are underprepared for the rigour of college-level courses may drop out if they cannot find adequate support. This is particularly true for students from low-income backgrounds who may not have had access to advanced courses at the high school level.

Financial barriers

Basic needs such as food insecurity and homelessness can contribute to low graduation rates, as students may be forced to take time away from their studies to address these issues.

While graduating in four years can help keep college costs down, it is important to remember that everyone's journey is unique, and there is no shame in taking longer to complete your degree.

The benefits of graduating in four years

According to the National Center for Education Statistics, only 41% of first-time, full-time college students in the US earn a bachelor's degree in four years. The benefits of graduating from university in four years are numerous, and they can have a significant impact on a student's future. Here are some of the key advantages:

Financial Benefits

One of the most significant benefits of graduating in four years is the financial savings. College costs have increased dramatically over the years, and taking longer to graduate can drive up the cost of attendance significantly. Students who take longer to graduate end up paying for additional years of tuition, which can lead to higher student debt. Graduating on time can help keep college costs down and reduce the financial burden on students and their families.

Increased Earning Potential

Timely graduation allows students to enter the job market sooner and start earning an income. Graduating on time provides a head start in one's career, resulting in a higher salary and increased personal satisfaction. Each additional year spent in college delays the start of one's career, leading to a loss of two to three years of potential earnings.

Competitive Advantage

Graduating in four years gives students a competitive advantage over those who take longer. Employers often value timely graduation, and it can set individuals apart when applying for jobs. Starting one's career earlier also means gaining valuable work experience and establishing oneself in the job market more quickly.

Sense of Community and Support

Private Christian colleges, in particular, are known for providing a strong sense of community and support, which can contribute to timely graduations. Smaller student-to-faculty ratios, alumni connections, and numerous engagement opportunities create a sense of belonging and motivation for students. This support system can help students stay on track and reach their graduation goals.

Holistic Education and Small Class Sizes

Private colleges, especially Christian institutions, often pride themselves on providing a holistic education with small class sizes. This individualized attention and dedication can make a significant difference in a student's educational journey. Graduating on time from these institutions demonstrates their commitment to student success and the value of their investment in private education.

In conclusion, graduating from university in four years offers a range of benefits, including financial savings, increased earning potential, a competitive advantage in the job market, and a supportive community. These advantages contribute to a student's overall success and can have a positive impact on their future endeavours.

How to increase the chances of graduating in four years

According to the National Center for Education Statistics, only 41% of first-time full-time college students in the US earn a bachelor's degree in four years. This is a problem because the longer it takes to graduate, the more debt students accumulate. Here are some tips to increase your chances of graduating in four years:

Create a Graduation Plan Early

Before registering for classes in your first term, think about how to set yourself up to graduate on time. You can likely knock out some general education requirements in your first year. By planning ahead, you increase your chances of graduating within four years, even if you change your major.

Earn Credits Before College

If you can, earn college credits before starting your college career. Many high schools offer dual-credit courses where you can earn both high school and college credits simultaneously. You can also earn credits by examination, such as AP or CLEP exams.

Double Up on General Education Requirements

Learn about the general education requirements at your college and see if you can take one class that fulfills multiple requirements. For example, at the University of Louisville, students can take a humanities class to meet both their writing and humanities requirements.

Up Your Course Load

Students on the semester system typically take 15 credits a term, while a full load on a quarter system is often 9-12 credits. By taking more classes, you can earn credits faster and often without an increase in tuition as many universities charge a flat rate for a full course load. However, be mindful of the potential strain of taking on more classes.

Take Summer Classes

Most colleges offer classes over the summer. By earning credits during this time, you can complete your degree within four years, even if you change your major. Summer classes may also be cheaper at certain schools.

Skip the Minor

Most colleges do not require a minor to graduate, and skipping it can mean graduating sooner. A minor generally requires 20-25 credits, which can add time to your degree. Unless it's required, consider graduating without a minor as it's unlikely to affect your job prospects or post-graduation plans.

Meet with Academic Advisors Regularly

Academic advisors can help ensure you're on track to graduate by monitoring requirements and signing up for the right classes. They can also create a personalized graduation plan and provide updates on your progress.

Take it Seriously

While socializing and exploring extracurriculars are part of college life, learning should be the primary focus. Students should take their academics seriously and avoid ditching class or procrastinating on assignments.

Transfer Credits Wisely

If you plan to transfer colleges, be mindful that not all credits may transfer over. Students often have to repeat classes to meet major requirements at their new school, which can delay graduation.

Other Considerations

• Common reasons for taking longer than four years include co-ops, changing majors, transferring schools, life events, dropping/failing a course, poor course planning, and problems with course schedules.
• Employers typically don't ask how long it took to get your degree, they just want to know that you have it.

Frequently asked questions