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Staying In College Longer Than Four Years Costs More Than You Might Think

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Abstract

In yesterday’s blog post and in our recent article in the New York Fed’s Current Issues series, we showed that the economic benefits of a bachelor’s degree still outweigh the costs, on average, even in today’s difficult labor market. Like others who assess the value of a bachelor’s degree, we base our estimates on the assumption that a student takes four years to finish the degree. But it is not uncommon for people to take longer than that. In fact, recent data indicate that among those who complete a bachelor’s degree within six years, only about two-thirds finish in four years or less. What does it cost to stay in college for a fifth or sixth year before finishing that degree? Perhaps more than you might think.

Suggested Citation

  • Jaison R. Abel & Richard Deitz, 2014. "Staying In College Longer Than Four Years Costs More Than You Might Think," Liberty Street Economics 20140903, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86967
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    Cited by:

    1. Christopher Erwin & Melissa Binder & Cynthia Miller & Kate Krause, 2020. "Performance-based aid, enhanced advising, and the income gap in college graduation: Evidence from a randomized controlled trial," Working Papers 2020-06, Auckland University of Technology, Department of Economics.

    More about this item

    Keywords

    college wage premium; returns to education; human capital;
    All these keywords.

    JEL classification:

    • J00 - Labor and Demographic Economics - - General - - - General

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