The Degree Lottery Factory
Regularly, I caution parents and students to take a hard look at the “why” of going to college. It’s not because I am snooty about it. It’s because the statistics are overwhelmingly AGAINST your student graduating in four years. For most parents, that statement is a shock. They can BARELY handle the idea of four years, much less one or two more.
I devote an entire chapter in my book, ENOUGH! The College Cost Crisis to this well kept secret. As parents are getting ready to drop a lot of money, OR, you are borrowing a lot of money, let’s review the pertinent facts again.
Chapter 12 says it best in the subtitle. “Your chances of graduating with any degree may be worse than Vegas odds, baby!” And, I stand by that statement. Here are the “hidden” problems you may not know.
The statistics you read online about a school’s graduation rates are misleading. They are NOT four-year graduation rates, but rather, SIX-YEAR graduation rates. No one would expect that, but that is a federally reported number. So if you go to a website and see, say, a 62% graduation rate, that is for a 6 year period, not a 4 year. While that is a federally mandated number, why so long? There are numerous reasons extended studies can happen- changes in majors, doing poorly in your first year, failing to get an essential class at just the right time, faulty course advice from an advisor, failure to secure funding, etc.
So what ARE the chances of earning a bachelor’s degree in four years, assuming you do not fall into one of those potholes? Sadly, it ranges from a low of 10% to a high of 42%. Yes, you read that right. The BEST chances out there are only 4 out of 10 students who will get a degree in just four years. And, who exactly is responsible for those numbers? The answer is, everyone. The student, the financial responsibility party (usually a parent), and the institutions. Over 30 million former students have student loan DEBT with no degree. Getting into college is not the problem, folks- it’s getting out with a degree in hand in the most efficient time possible.
It is LONG overdue for the “college/university” system to start addressing failing graduation rates at every school. Even those institutions who admit the top 5% academically are still only graduating 4 of 5 students after 6 years. Everyone- student, financier, and school must move resources towards increasing graduation numbers. Consider reviewing your school of choice at the www.completecollege.org website. Just for fun, I did it myself. There are seven colleges/universities where I live. I checked them all and was horrified at the graduation rate of one small school in my backyard. It had a caution yellow flag on its web page due to the embarrassingly low graduation rate.
What can the student, the financier (parent usually), and the school do about this?
A. Have.A.Plan. Not a hope, or a sorta, but a real plan. Parents, keep your student focusing on choosing a major as soon as possible, ideally by the end of their first year. An early major commitment gives the student breathing room. They can also get that required, only-taught-once-every-two-years class on their schedule earlier. Don’t laugh at the thought of having to stay one more semester for that required course. It happens all the time.
B. Get help from academic advisors at school AND re-check it every fall. Don’t fall into the “I think” trap. “I think I have enough credits/ I think this will work/ I think this is a qualified elective” could all cost someone a ninth or tenth semester because, well, no one double-checked with an academic advisor. Yes, I made my daughter do that every year. She hated it. She also graduated in four years with a major AND a needed minor.
C. Make grades a condition to stay in college. Yes- I said it. No, I don’t mean straight A’s- but if your student can’t commit to achieving a reasonable grade point average, tell me why you and they are borrowing all that money to attend? Borrowing money you must pay back over a long time should be reflective of your commitment to your education. If your student is not ready now, do something else.
D. Clearly define your limits and parameters. We told our daughter if she kept up her grades, we’d pay for four years. In her senior year, she got invited to apply for graduate school with an implicit, “no problem, you’ll be accepted.” She loved being wooed for this “opportunity.” I reminded her to check with the Financial Aid office. Wham. That balloon popped. She was happy to stay in school if we wanted to pay for it. When reminded that was never a part of the original plan, suddenly, it wasn’t such a grand option anymore. Lest you think me an ogre, her career path did not immediately require a terminal degree.
Framework/Budget/Boundaries. Help your student understand all of this is done in a framework, on a budget, and since you are paying or borrowing too, you have boundaries. This should be clear before the first carload of stuff is dropped off their first year. Work with your student to right their ship if they fall off the plan, but don’t repeatedly enable bad or poor results. If they are not committed to doing the work, you don’t have to pay the bills. Hard, but pretty simple.
And, keep reminding them. After all, they are college students.
Next week, let’s find out who is borrowing more to go to college and earns less to pay it back!
Until Next Time,
All My Best,
Bonnie Burkett
