Taking more than four years to graduate can have a big impact on a student’s finances. A longer time-to-degree means additional college costs and lost earnings. Many students who attend public institutions and take longer to complete their degrees actually end up paying more for their degrees than students at private colleges and universities who graduate in four years.
Source: National Association of Independent Colleges and Universities (NAICU), 2013, http://www.naicu.edu/docLib/20130708_HEA-Complet-TimetoDegreeChart.pdf. U.S. Department of Education, National Center for Education Statistics; National Association of Colleges and Employers, 2012 Salary Survey. Analysis by NAICU.