Long after diplomas are in hand and graduation caps tossed in the air, student loan payments remain for many college grads. According to the Department of Education, students are leaving college faced with significant amounts of student debt. The national average owed for a bachelor’s degree stands at $30,500.
For those with student loans, receiving an undergraduate degree in four years—versus five or six—brings big advantages. Eliminating extra semesters means eliminating additional tuition, translating to lower overall student debt. Plus, graduating sooner allows individuals to enter the workforce sooner, getting a jump start on a career path and hopefully the ability to start paying down debt.