This website has already discussed numerous ways that individuals can save money when choosing which college or graduate school to attend. Indeed, prior articles have related how scholarships are available for many students, and individuals can attend school part-time while working in order to minimize costs. Another way to save money on educational expenses is to attend a school that will allow you to earn a degree in less time than it usually takes to graduate. Graduating early could lessen the amount of tuition costs and living expenses you need to pay in order to earn your degree, and can substantially impact your student debt burden.
I already mentioned in a prior article how I completed all of the requirements to graduate college in three years instead of four so that I could be eligible to earn my master’s degree during my senior year. If I was not accepted into a master’s program, I intended to graduate early, since I was eligible to so. Even though I was paying very little to attend college, I considered graduating early so that I could begin law school or spend some time in the workforce before beginning the next chapter of my life. All told, there are certain factors you should consider when determining if an accelerated degree program is right for you.
The most important thing to consider when deciding if graduating early is right for you is how much money graduating early will save you in tuition and living costs. Some individuals can save on tuition expenses by graduating early, and everyone will save money on living expenses if they graduate early. If you surmise that graduating early can save a significant amount of money (think five figures) then it might be worth it to complete a degree earlier than usual.
However, some people will not realize any financial benefit from graduating early. Indeed, if you are receiving a full scholarship to attend school, you would not be saving any money by graduating early. Furthermore, if your parents or another relative is fronting the cost of earning a degree, it also might not make sense to accelerate your studies. In any case, finances will likely be the most important thing to consider when deciding if graduating early is right for you.
When determining if you should graduate early, it is also important to consider if you want to forgo the experience of being in college or graduate school for a longer period of time. Of course, attending college or graduate school is usually a fun experience, and it might be tough to leave a program early even though there are financial benefits. In addition, the more time you spend in an educational program, the more likely it is that you will be able to network and make meaningful connections with people at school.
Furthermore, spending less time in school means that you will have less time experimenting, meeting new people, and otherwise realizing the non-academic benefits of an education. It could be hard to give up these benefits, and one must carefully assess if lessening student debt is worth missing out on valuable experiences.
The next important thing to consider when assessing if you should graduate from school early is what you will do with the time that you would free up. Generally, you want to have something lined up that you will transition into after graduating from a program early. If you will just sit on your couch and not do anything meaningful, it might make more sense to just stay in school. This was one reason why I transitioned to graduate studies after three years of college. I had the chance to earn my master’s degree, and this opportunity compelled me to complete my undergraduate requirements in three years.
You do not have to just transition to another academic program after graduating early, and you can pursue a number of different options with the time that you free up. I know some people who traveled extensively after graduating from college early, and others volunteered for amazing organizations. It also might make sense to just enter the workforce after graduating early through an accelerated program. As long as you have something meaningful lined up after graduation, you should definitely consider graduating early.
If you think that you might want to graduate from college or graduate school early, there are a few steps you can take that will make the process easier. Some colleges and graduate schools have regimented programs through which individuals can accelerate their studies and graduate early. For instance, many law schools have two-year programs that allow individuals to earn a law degree a year earlier than normal. It would be advantageous to seek out such programs if you want to graduate early, since this would make the process as easy as possible.
If you are already in school, you can usually still graduate early. You will simply need to understand all of the requirements you must satisfy, and be sure to complete these steps earlier than usual. My college, for instance, did not have an established program through which individuals could complete their studies early, but I was eligible to graduate a year early, since I kept track of my academic progress. In any case, planning and organization is key to making sure that you can earn a degree in less time than usual.
In the end, graduating early is not right for everyone. Some people will not realize enough financial gain from accelerating their studies to make graduating early worth it. However, for many people, graduating earlier than usual could minimize the amount of student debt one needs to borrow to earn a degree.