“College is too expensive” is an uncommon, uncontroversial comment in these divisive times. When inflation is taken into account, tuition has increased by 181% since 1990. Nearly 1.8 trillion dollars in student loan debt, which is often not dischargeable in bankruptcy, is owed by Americans.
However, solutions are more divisive. Student debt, underpaid majors, and an abundance of administrative staff are frequently at the core of the discussion. The conundrum for each person is where to go to college. Nearly all students who receive parental help must talk about the extent of that support. Cost also limits the options available to students who do not receive assistance.
It’s difficult to decide where to enroll and why tuition has increased. Economics 101 may have the best answer for pupils in the face of such complexity: buy less of something when it becomes more expensive.
Although uncommon, three-year college careers that culminate with a graduation are not unheard of. Even students who can graduate in three years usually choose to stay an additional year.
According to Bianca Cooper, a UT alumni who graduated a year early, “I know a lot of people that kind of drag out college because of FOMO (fear of missing out) reasons, and that makes sense.” At the same time, why are you purchasing unnecessary items?
It is simple to estimate the spending money side of the debate. A naive model would recommend a 25% reduction. Compound interest may make it much higher for borrowers with unsubsidized student loans.
It is more difficult to measure the worry about missing out. Although every person’s circumstances are unique, there are a few situations in which FOMO is less of an issue.
The social benefits of UT student life are easily maintained for graduates who choose to remain in Austin without enrolling. Instead of missing out, an income might improve their social life. Others might alter their way of life, but a cursory examination might show that social life is not worth an additional year of schooling.
When they do leave Austin, a lot of students enroll immediately in graduate school. After graduate school, an undergraduate resume is usually irrelevant, suggesting that an early graduation is ideal. A well-spent fourth year, however, may help students gain admission to prestigious graduate programs.
“I think you’re probably messing up (by graduating early) if you’re trying to get into a top graduate program,” said Bryan Caplan, professor of economics at George Mason University and author of The Case Against Education.
On the employment market, however, things can be different.
Go for it, Caplan advised, if you have already secured your ideal job and they are content for you to graduate in three years.
Early graduation is usually a nice option, even if it isn’t necessarily the best one. Students who plan to graduate in three years are more likely to be recruited for jobs or to apply to graduate programs. You save money and gain an advantage in your field if the technique is successful. If not, students are given another opportunity rather than relying solely on chance.
Everyone is aware of the slang term “fifth-year victory lap.” Maybe the Austerity Shortcut should be included in the book.
McKinley is a Houston, Texas-based second-year PhD student studying finance.
