Staying In College Longer Than Four Years Costs More Than You Might Think
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.
JEL Classification: J00;
File(s): File format is text/html https://libertystreeteconomics.newyorkfed.org/2014/09/staying-in-college-longer-than-four-years-costs-more-than-you-might-think.html
Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2014-09-03