A three-year bachelor’s degree may help students dodge some of the increasingly burdensome debt associated with higher education–that is, if the programs can get off the ground.
At least 32 institutions offer programs that help students graduate in three years, and more colleges and universities are expected to follow suit. Many of these three-year degree programs have existed for more than 10 years, notes Paul Weinstein Jr., a senior fellow of the Progressive Policy Institute and director of the Graduate Program in Public Management at Johns Hopkins University, in a report detailing the trend toward three-year bachelor’s degrees.
“American college students are facing a triple whammy–out-of-control college costs, record levels of student debt, and declining real earnings for college graduates,” Weinstein contends in the report, yet lawmakers haven’t taken any real action to remedy the issue.
But while the motive behind three-year degree programs is encouraging, the programs themselves are not–” if one were to assign a grade to the current crop of three-year bachelor’s degree programs, it would be an ‘F,'” Weinstein writes.
The primary reason for this poor performance? Many three-year degree programs try to squeeze four years of learning into three years, meaning they appeal primarily to a few highly motivated students and have small adoption rates–between 2 percent to 19 percent, according to research cited in the report.
The four-year degree developed as a result of various learning trends, and it’s once again time for the U.S. to take a look at how higher education bachelor’s degree programs are structured.
New bachelor’s degree programs should reflect new realities, Weinstein urges. Those realities include:
1. A growing number of knowledge-intensive jobs of the 21st-century demand more than a college degree. A Georgetown University study shows that since the beginning of the economic recovery, those with graduate degrees have gained nearly as many jobs as bachelor’s degree holders, despite the fact that undergraduate students outnumber graduate students by 2-to-1. Moving forward, occupations that typically require a master’s degree for entry will grow the fastest over the next 10 years, according to the Bureau of Labor Statistics. Given the growing demand for graduate education (and the resulting expense in money and time), reducing the time needed to earn a bachelor’s degree would enable students who want highly specialized skills to get to graduate school faster and with less debt.