How to cut back your college expenses by as much as 25%.
There are some ways to lower your expenses on a school degree, although not all of them are right for each student. You can decide to attend a community college after which transfer to a four-year university to finish their program. You can live at home, attend college, and commute to classes, or you may complete a level program that’s entirely online. There are also students who receive enough scholarships and grants to cover the vast majority of their college expenses.
But there’s one other technique to reduce college costs by attending a single institution and graduating with a four-year college degree. I’m talking about pursuing higher education aggressively enough to earn a four-year degree with only three years of actual classes (and even less).
I did it myself after I got my four-year degree in 3.5 years at UC San Diego, so I comprehend it’s possible (I could have finished in 3 years, but I modified my major). Here’s a rundown of what it takes to get a bachelor’s degree in under 4 years, in addition to a number of the pros and cons to contemplate before happening this path.
The fast track to a bachelor’s degree
Financial advisor Jay Zigmont from Childfree wealth The very first thing to learn about bachelor’s degrees is that schools and universities don’t specify exactly how long they must take. A bachelor’s degree will likely be about 120 credits and doesn’t take 4 years to finish, he said.
“How you get the 120 credits is up to you.”
Zigmont earned his bachelor’s degree in significantly less time than three years (9 months) by utilizing several strategies to graduate faster. First, he began with about 30 college credits earned through his EMT and firefighter training. Then, he took CLEP and DANTES exams every week to “count out” a number of the courses he would have otherwise needed to take.
He also accomplished 5-week intensive courses at an internet school called Charter Oak State Collegewhich is licensed and accredited by the State of Connecticut and regionally accredited by the New England Commission of Higher Education.
“I ended up with a bachelor’s degree from a state college in 9 months with a 4.0 GPA and it only cost me $9,000,” says Zigmont. “Some may question the value of a degree in 9 months, but no one ever asked me about the general education course I passed with the exam.”
Zigmont then earned a master’s degree and a Ph.D. from the University of Connecticut.
While Zigmont followed its own unique path to earning its bachelor’s degree and its advanced degrees, there are other strategies that individuals can use to earn a four-year degree in a shorter time period. Jefferson Pestronk of Modern States Education Alliance points out that prime school students can earn college credit by taking AP or dual enrollment courses.
This was my path: I took a considerable amount of AP credits during highschool in order that I might be a sophomore after I enrolled in college.
Many high schools offer these programs for eligible students, but not all. This means you could must perform some research to search out out in case your highschool offers college credit courses and, if that’s the case, which of them.
Pestronk also recommends the strategy Zigmont used to graduate from college faster – by taking College Level Examination Program (CLEP) courses. He points out that nearly 3,000 colleges and universities award college credit to students once they pass the required exams.
“Passing a CLEP exam generally equates to 3 to 4 college credit hours, saving learners an estimated $2,000 and many hours per exam passed,” says Pestronk. “CLEP exams are basically AP exams, but without the associated courses.”
It can be price noting that Modern States creates the associated courses that allow students to learn from CLEP exams. In addition, the platform offers vouchers without spending a dime CLEP exams to learners who complete courses. They even reimburse learners for any test center fees which may be incurred.
“Every time you take the exam, you save $125 out of pocket and can save tens of thousands of dollars in college costs,” he says.
Dr. Michael Horowitz, Founder and President of The Community Solution Education Systemalso points out that some universities offer programs that allow students to earn multiple degrees concurrently. One example he points to is the BA Psychology program at The Chicago Schoolwhich allows students to enroll in master’s level courses while completing their bachelor’s degree.
Advantages and drawbacks of accelerated learning
When it involves the advantages of accelerated learning, Horowitz points to a number of the most blatant benefits of pursuing two degrees without delay or completing a specific course of study faster than usual. Shortening the time to review primarily saves students money. Of course, it also helps students get through school and into the workforce faster.
“We are getting them into the workforce or into graduate or professional programs more quickly, which benefits students financially and addresses staffing shortages in areas where there are staffing issues, such as health and education,” he says.
Financial advisor Michael Hills from Apex Assets also says that graduating faster can reduce various costs outside of tuition, including materials, books, and other related expenses like on-campus housing. In addition to potentially lower college costs, Hills also points out that students who borrow less for varsity pay less in interest over the time it takes them to pay back their loans.
However, there are also some disadvantages to obtaining a level in a sophisticated timeframe. Chris Morett, PhD, MPP of Co|Here says students need to contemplate how much they’ll must borrow to handle a heavier-than-normal course load and whether doing so will put them over federal financial aid limits for the 12 months. If so, that may lead to higher out-of-pocket costs or a more complex attempt to search out alternative funding for school.
In addition, some majors are very intensive or consist of a series of courses that should be taken in a particular order, he said, adding that it could be tougher or inconceivable to finish the courses more quickly.
“And what are the courses on offer in summer and winter?” he asks. “If there are significant differences, that must be taken into account.”
Hills agrees that despite the advantages, attempting to graduate at an accelerated pace might be intense and result in more stress and a better risk of burnout. Students who study intensively to graduate faster can also find that they’ve limited time for other things, akin to peer relationships, extracurricular activities and trying other subjects.
Of course, these are only temporary problems that might be resolved when a student graduates and might move on with their life. In other words, for some students, the sacrifice could also be price it in the long term.
