Taylor shared some data from the UCF graduating senior survey last week that reported that the biggest reason students took longer than four years to complete their degree was that they changed their major. More than 40% of students who took longer than four years cited this as the reason they didn’t graduate on time.
About a day later, Foard passed along a recent study completed by NerdWallet that estimates that the cost of delaying graduation by a year at a public university is almost $150,000. A two-year delay costs almost $290,000. You can read about the findings by clicking here. Opportunity costs and extra interest payments on student debt are the main drivers of the cost of delay.
The costs of delaying graduation are among the reasons we stress getting students into the right major as early as possible in the college: refusing to accept feedback that certain majors don’t match your talents and skills and retaking courses in the hope of eventually getting into a major or constantly changing majors leads to delay and delay is expensive. It’s not just the extra tuition, it’s the lost wages from postponing the start of your career that really costs you in the long run.
So have that conversation with your career coach early, do those exercises Lonny assigns in his professional development courses, make a realistic assessment of how you are doing in the primary core courses and get yourself on the road to success as early as possible. Doing so is going to save you a bundle.