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Categorized | Paying For College

OSU – 47% of Students Take More Than 4 Years to Graduate

If you think the statistic above is a little astonishing, it is probably important to point out that 22% of Ohio State University students take over six years to graduate from the University.  All of this information was recently released by the University to show their success in increasing the 6 year graduation rate from 56% to 78% over the past ten years.

So.. how does this information relate to and college costs?  Most people look at these numbers and think about on-time graduation rates but when I look at these figures, I immediately think about the extra expense incurred by students that take more than the traditional 4 years to graduate from college. Based upon the data provided by OSU, almost half of their student body needs more than four years to complete their degree. OSU’s tuition is currently around the $10,000 dollar mark and room and board is an additional $10,000. As a public college, OSU doesn’t provide a ton of financial aid so these annual figures provide a pretty substantial expense for students that need more time to finish their college education.

Private vs. Public Education Debate

If you are in the middle of the college search process, chances are that you will find some public schools that make your short list as well as some private institutions.  In most cases, the private schools are going to have a greater sticker price than that of their public counterparts. However, we also know that private colleges also provide a lot more financial aid than you will typically find at a public college. This variance in financial aid brings the net expense closer together for the public and private schools. If you throw in the graduation statistics from OSU (public school), you can make an assumption that it may actually be cheaper to attend a higher priced private college and graduate on time versus going to the public college and needing an extra year or two to complete your degree.

For those that are in the middle of the college search process or thinking about transferring to another school out of financial necessity, my recommendation is that you ask the schools, that you are interested in attending, about their four year graduation rate.  If you are making your college selection based strictly on costs, you will need to know the total cost of your program and not just the annual expense. Reason being, if the annual tuition expense is cheaper than the competition but it is going to take you longer to complete, then it may end up being the more expensive choice.

Hope you found this information helpful. If you should have any questions related to paying or saving for college and/or the financial aid process, drop me a line anytime. I always enjoy hearing from our readers.

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