Once admitted to college, students and their parents have to make a lot of choices and plans. These include what major to choose, what items to purchase for dorm living, and how to pay for the next four years of college. Considering the economy, earning a degree in four years is more important than ever. However, the reality at four-year institutions is that 38 percent of undergraduates will graduate in four years and only 61 percent will graduate in six years (DeAngelo, Franke, Hurtado, Pryor, & Tran, 2011). Considering the financial ramifications of not graduating “on time,” which is typically four years, it is absolutely necessary for academic advisers to encourage students to graduate in four years. The purpose of this article is to summarize some of the key reasons it is important for students to graduate in four years as well as to highlight three institutional programs designed to motivate students to graduate in four years.

The Financial Importance of Graduating in Four Years

The financial illiteracy of students is not a new topic, but it has taken on additional meaning in today’s unstable economy. Academic advisers are ideally positioned to help students understand the financial repercussions of extending graduation beyond four years. Poor academic planning, oftentimes due to students not enrolling in the correct classes, can result in unfulfilled degree requirements and more than eight semesters of enrollment.

Financial ramifications of extending enrollment beyond four years can come in the form of tuition dollars and potential income loss. For example, recipients of the Florida Bright Futures scholarship lose their academic aid after five years at an institution (Florida Department of Education Office of Financial Assistance, 2009). Many students who rely on this scholarship program may not have read the “fine print” of the scholarship conditions and are surprised to learn after five years that they must start paying the full price for their education. When an academic adviser sits down with a student for the first time, it is important to discuss career goals and financial restrictions so that the adviser can adequately recommend an academic plan. Having the discussion about scholarship limitations and other financial aid restrictions early in students’ academic careers should help students avoid incurring unnecessary debt.

According to the National Association of Colleges and Employers annual salary survey (NACE, 2012) in 2011, the average income for college graduates was about $41,000. So, in addition to students having to pay tuition and fees for additional years of schooling, they are also forgoing about $41,000 in income each year that could go toward paying off their student debt. This is significant when considering that the average student loan debt is approximately $25,000 (Ellis, 2011).

Hopefully as a result of advisers’ honest conversations about the financial ramifications of spending more than four years earning a degree, students will plan their academic careers more effectively. Making the connection between scholarship limitations, terms of other financial aid, and the average student debt will help students understand that the money they are spending on their education is not free and must be paid back.

Four-Year Graduation Guarantee Programs

Some higher education institutions have created four-year graduation guarantee programs in an effort to encourage students to graduate in four years and to stabilize tuition and fee costs for those four years. In an examination of four-year graduation guarantee programs across the country, Chau (2012) found that generally these programs involve a signed agreement between the student and the institution. The institution guarantees it will provide the necessary classes and advising for that student to graduate in four years and the student guarantees he or she will progress academically (Chau, 2012). In some cases, institutions even promise to pay for a fifth or sixth year of education if they are unable to hold up their end of the guarantee (Chau, 2012).

Despite the best intentions of these programs, overall they have not been successful, primarily due to an overall lack of student participation, leading institutions to phase out the guarantees (Chau, 2012). One reason for the lack of participation is that students did not appear to know about the benefits of the programs, indicating that the program was not integrated well into the campus culture (Chau, 2012). Another reason students did not participate was that the language used in some of the guarantees was confusing and intimidating (Chau, 2012).

Four-Year Plan Initiatives

Although the formal four-year graduation guarantee programs have been met with limited success, there are some useful aspects of these programs that could lead to student success without the pressure of signing a contract. Institutions such as the University of South Florida (USF), University of Maryland (UMD), and University of Nevada at Reno (UNR), are taking a different approach to graduating students in four years. These programs are different from the “four-year graduation guarantee programs” in that there is typically no formal agreement between the institution and the student. Instead, the institution provides tools for its students to use to achieve academic success and they become a natural part of the academic culture.

University of South Florida

The University of South Florida has a “take 15” initiative that breaks down the benefits of graduating in four years into bite-size facts for students (University of South Florida Scholarship and Financial Aid Services [USF, 2010). It is straightforward, easy to understand, and provides clear answers to frequently asked questions about what it takes to graduate from USF. All students have to do is “Take 15! Take 15 credits every semester and graduate in four years. That's your formula for success. You'll reduce debt, accelerate your graduation and launch your career” (USF, 2010). USF’s marketing of the “take 15” initiative resonates with students because it is a university-wide effort and uses a viral marketing campaign to get the message to students (USF, 2011). Most importantly, academic advisers are reinforcing the initiative in their advising sessions with students.

University of Maryland

At the University of Maryland, the Office of Undergraduate Studies has a promise that looks similar to a four-year graduation guarantee program. The Student Academic Success Degree Completion Policy (UMD, 2004) promises to help students meet their maximum academic potential. This promise includes the availability of comprehensive academic plans for all majors, making it clear what is expected of students (UMD, 2004). The policy also includes an emphasis on advising to ensure that students are provided guidance if and when they hit roadblocks in their education (UMD, 2004). Unlike the four-year graduation guarantee programs, this approach does not require students to sign an agreement.

University of Nevada, Reno

At the University of Nevada, Reno, students can utilize MyNevada, which is a tool that helps guide them through the academic planning process (UNR, n.d.). This includes information about how many classes need to be taken each semester, what classes are required for their degree program, and when those required classes are offered (UNR, n.d.). MyNevada provides a step-by-step guide to academic planning that students are able to access when finding time to meet with an adviser may be difficult. Also at a student’s disposal is the use of a degree audit program through MyNevada that helps track their progress (UNR, n.d.). The degree audit program can particularly help students who are double majoring or adding a minor or concentration to their degree to see where requirements overlap.

Conclusion

Given that there is not yet much research on the effectiveness of four year graduation guarantee programs, it is yet to be seen if they actually increase the percentage of students that graduate at institutions. However, the benefits of completing degrees in a timely fashion are clear.  Academic advisers are uniquely positioned to help students develop and execute a four year graduation plan. This article has highlighted three institutions’ efforts to support the work of advisers in an effort to increase the percentage of students that graduate in four years. Combining these institutional initiatives that permeate the campus culture with the expertise of academic advisers has the potential to be a winning combination for increasing the number of students that graduate in four years.