Video (3 minutes, 20 seconds)
Everyone wants to graduate from college in four years. But the reality is that nearly 40% of undergraduates take longer than that. And every year spent in college means one more year of college-related expenses – and one less year of making money on the job. So you should try to do everything you can to make sure you complete your degree on time.
Why it’s better to graduate in 4 years than more years
If you plan on going to a four year college and taking out four years’ worth of loans then this video is for you, because what you're about to learn could mean the difference between getting that diploma or treading water for years with nothing but debt to show for it.
Let’s start with the best case scenario: you get into a great school. You graduate in four years. You land a cool job. Life is so good! Well here's a dose of reality: 40% of you (close to half!) will take longer than four years to graduate and -- worst case scenario—some of you won't graduate at all! You could find yourself in the job market without a degree, so your prospects and paychecks will definitely be limited. But you will have plenty of student debt which you'll need to start paying back.
Federal student loans are for 4 years
Most of you will graduate eventually, but once you've taken out four years of student loans you've already got plenty of debt. The federal government will let you borrow a small amount to cover a single term--and then you have to pay that back too!*
* Note: After you run out of Federal government loans, you’ll have to borrow from higher cost private lenders.
Graduating in 4 years: Some tips
So repeat after us: “once you start a four year college you need to finish in four years.” Here's the winning formula: pick a school in your sweet spot, a place where you can succeed and feel like you fit in. And remember that even a college in your comfort zone will be harder than you think. But dropping classes will threaten your four year plan, so be ready to get to work!*
* Note: Some schools have a better record than others in terms of helping students graduate in four years. Go here for more information.
Your cost of attending may rise every year
A rising cost of attendance is why many students trip up and drop out. So don’t let wishful thinking derail your plans. Make sure you've got enough money for the whole four years and make sure your family's in agreement with your plans. Find out how many credits you need each term to graduate in four years. Commit to decent grades. Some schools won't give you course credit if you get lower than a C, particularly in your major.
Choose wisely and in four amazing years you'll be ready to spring forward into your amazing adult life! You can do it!
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