Get on the fast track to a college degree
According to the College Board, the average tuition at a four-year private college is $28,500 a year. That’s why, when it comes to getting a college degree, there’s a growing trend that’s helping families save both time and money. Students anxious to move beyond their formal learning and get a jump on their careers are getting on the fast track and completing their degree requirements quicker.
Sen. Lamar Alexander, former U.S. Department of Education secretary, is a proponent of three-year undergraduate programs. In a 2011 CNN interview he gave the example of Hartwick College in Oneonta, N.Y., where students can save the equivalent of one year’s tuition and fees, approximately $43,000, by completing their degree in three years. In addition to trimming off at least one year of expense, graduating early comes with the added benefit of earning a salary and contributing towards retirement a year sooner.
Students eager to earn their degree can start earning credits as early as high school. More and more schools now offer Advanced Placement (AP) courses in cooperation with local community colleges. Students who successfully complete their AP classes can earn transferable college credits or, depending on the number of credits earned, could graduate from high school with both a high school and associate degree.
Melissa Friedman, a recent three-year undergraduate from the University of Kansas, started taking college classes in her junior year of high school. In addition to starting college with earned credits, she also took advantage of advanced testing.
“I was able to take a competency test so I didn’t have to take calculus or English in college,” she said.
She spent a fourth year at the school to earn her master’s degree in accounting. Upon graduating she had a job waiting for her at a nationally recognized accounting firm — well in advance of her peers who entered the workforce one to two years later.
With college tuition skyrocketing, many parents and students are looking for ways to cut costs and still get the most out of the college experience.
For pre-med students, some medical schools are now offering six-year programs instead of the traditional eight.
Family meals are a great time to talk about what it takes to earn a college degree. Besides the cost, these conversations should include career goals and the education path necessary to achieve those goals. Share your experiences or those of other family members.
Have your high school aged son or daughter discuss Advanced Placement classes with their school counselor. Also, visit a local community college to see what resources they offer that can help your student get on the fast track to a college degree.
More information on planning for college, including details about schools, careers, costs and funding, can be found online at collegeboard.org.
As a way to attract more students, many schools now offer degrees which can be earned in an abbreviated timeframe. This makes it more affordable for the student and has the potential to increase enrollment for the school. That’s one of the factors behind another trend which is fifth-year MBA programs.
“After earning a degree in business administration, students meet the requirements to take ‘capstone’ courses, gaining hands-on experience working on live case studies with local businesses,” explained Erin Reed, director of MBA academic advising at Rockhurst University in Kansas City, Mo.
This allows students like Gabe Jones to complete their MBA in one year instead of two.
“I was able to cram my studies into a year, and have a job lined up when I got out,” he said. “It saves money to finish sooner before tuition goes up.”
For pre-med students, some medical schools, including ones in Florida, Ohio and Missouri, are now offering six-year programs instead of the traditional eight years.
Students may also save by taking accredited online courses. For example, by using multiple strategies, Mike Wilson estimates he saved his parents approximately $93,000. He completed his undergraduate degree in two years. How’d he do it? He earned 60 hours of community college credit during high school. He also took online courses and continued his studies during the summer. He then completed, at age 21, his MBA in one year. At 26, he launched his own digital-marketing firm, Wavelength Media.
“Much of the savings came from getting in-state rates and taking community college courses at $40 to $60 an hour versus $300 to $400 at a university,” he said. “I also saved on rent and other living expenses.”
Mike shared his experiences and additional advice in his 2008 book, "Thru in 2".
“Take control of your education,” he recommended. “You don’t have to be a top student, but you do have to work hard, review the paperwork and make sure you are taking the right courses and earning the credits you need to graduate.” |
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