Since my first child was born, I’ve been putting away money for their education, and the grandparents have generously contributed at times. However, I currently only have enough saved for one year of tuition and living expenses at a state university for each child. They’re still young—11 and 8—but with tuition costs soaring, I’m feeling less hopeful.
Many families are in similar situations, leading them to explore innovative ways to make their dollars stretch. Some students choose community colleges for two years before transferring to a four-year institution. Others opt to live at home during college to save on housing costs. Some take less expensive online classes, while others delay their education to work and save. While these alternatives can be beneficial, they also come with their own challenges for both students and parents.
In recent years, the concept of the three-year degree has started to gain traction. I graduated from Lincoln University in just three years back in the mid-90s, and I’ve often wondered why more students don’t pursue this option. For me, it wasn’t a significant challenge; I didn’t need special permission, and it wasn’t overly demanding. I even worked around 30 hours a week throughout my studies.
During the recession, the idea of accelerated degrees began to catch on, with some states even requiring public universities to offer them. However, enrollment in these programs was low. But as college costs become a pressing issue again, the three-year degree is back in the spotlight. Let’s address a few common misconceptions.
A three-year education isn’t as rigorous.
Alumni from esteemed institutions like Oxford and Cambridge, which typically offer three-year programs, might disagree. In fact, three-year degrees are quite common across Europe. According to Paul Martin, a professor at Johns Hopkins University and advocate for the three-year degree, the four-year program is more a product of tradition than necessity: “We designed four-year degrees because high school lasts four years.” The Washington Post traces this tradition back to Harvard University, which adopted a four-year framework in 1652, influenced by British customs at the time.
While some accelerated programs may require fewer credits, many help students maximize advanced-placement credits and summer courses to graduate sooner. I took the same amount of coursework as my peers and even completed a double major; it just required a bit more planning.
Students miss out on the social aspects of college life.
That’s true, but only for one year. And that’s a better alternative than living with your parents due to financial constraints. Martin argues that offering a three-year option can actually help maintain the essence of the college experience more than any other solution currently available.
Interestingly, a three-year degree could encourage more students to take a gap year before starting college, a practice many educators endorse for fostering maturity. Harvard even supports this idea, stating that “many students would benefit from a pause in their demanding lives,” with research indicating consistently positive outcomes from deferring college for a year.
Colleges struggle to graduate students in four years, let alone three.
That’s a valid point. According to the Wall Street Journal, fewer than 40 percent of students who started college in 2006 graduated on time, and only 59 percent completed their degrees within six years. A variety of factors contribute to this, including unprepared freshmen needing remedial courses, students registering for fewer classes, and credit transfer issues. However, these challenges shouldn’t deter motivated, cost-conscious students from having the opportunity to graduate earlier.
My own decision to complete my degree in three years stemmed from wanting to avoid the lengthy transfer process after realizing that Lincoln University wasn’t the right social fit for me. Instead of taking five years to finish, I chose to accelerate my studies, saving a significant amount in tuition. The small sacrifices I made, like missing out on a study abroad opportunity, were well worth the financial savings. Plus, I started earning a full-time salary a year earlier than many of my peers.
Two decades later, I can confidently say it was the right choice for me. While a three-year degree may not be suitable for every student, it is certainly a viable option for those grappling with financial constraints. I plan to discuss this possibility with my own children as they approach high school graduation. In the meantime, I’m promoting the excellent public universities in our state. Go Bears!
This article was originally published on June 25, 2015.
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Summary:
Three-year degree programs are gaining attention as a potential solution to rising college costs. While misconceptions exist about their rigor and the social experience, many students and families find this option worth considering. It offers a pathway to save money and graduate sooner, making it a viable choice for those navigating the college financial landscape.