Nearly nine out of 10 freshmen think they’ll earn their bachelor’s degrees within the traditional four years, according to a nationwide survey conducted by the Higher Education Research Institute at UCLA. But the U.S. Department of Education reports that fewer than half that many actually will. And about 45 percent won’t have finished even after six years.
That means the annual cost of college, a source of so much anxiety for families and students, often overlooks the enormous additional expense of the extra time it will actually take to graduate.
“It’s a huge inconvenience,” says Nichols, whose college career has been prolonged for the common reason that he changed majors and took courses he ended up not needing. His athletic scholarship — Nichols was a middle-distance runner on the cross-country team — ran out after four years. “I had to get some financial help from my parents.”