Graduating on time helps keep university costs low. Here’s how

There’s no denying the economic and social benefits of tertiary education, but skyrocketing tuition fees are putting financial stress on students and their parents. In the US for example, the College Board notes that the cost of attending a private four-year college is US$17,010 per year and US$3,360 per year at a public four-year institution in 1988/1989. Conversely, the figure is US$35,830 and US$10,230 respectively in 2018/2019. Student debt has been rising worldwide while the figure is in its trillions in the US. Undoubtedly, today’s students are paying more for education than their parents. While students and parents have no control over the cost of higher education, what they can do to ensure costs don’t spiral out of control is manage how long they spend in university. A CNBC Make It report notes that graduating in four years or less “can significantly impact the amount a student ends up owing”. The National Center for Education Statistics notes that only 41 percent of undergraduates complete their degree within four years while 56 percent received them within five years.