Save Money by Spending Less Time in College

The only thing growing more quickly than the sticker price on a college education may be the debate around the value of a degree -- particularly if a student takes on a big load of debt while majoring in something with no clear path to a decent job.

With an eye toward giving families a way to save time and money, colleges and universities nationwide are offering accelerated degree programs that scoot students through in three years, allow them to get both a bachelor's and master's degree in four or five years, and provide a streamlined path through law school or medical school.

Faith Finoli is "getting to finish my undergraduate and osteopathic medical degree in seven rather than eight years'' by choosing a three-year bachelor's in biology at Seton Hill University in Pennsylvania coupled with a D.O. degree that takes an additional four years from partner school Lake Erie College of Osteopathic Medicine. She graduates in 2018.

What fast-track programs have in common is that they require a high level of focus and motivation and a stress-inducing course load, although students who choose to accelerate often take full advantage of Advanced Placement or International Baccalaureate credits.

[Learn how earning college credit in high school can save money.]

While some students have always opted to take extra courses on their own each semester and go to summer school to graduate early, a handful of institutions have set up formal three-year pathways in at least some disciplines that typically require students to carry 18 to 20 credits per semester.

At Wesleyan College in Connecticut, students can opt to graduate in three years by adding summer terms and taking advantage of one or two AP or IB courses. By contrast, American University in the District of Columbia, has fashioned three rigorous three-year "Scholars'' programs, complete with opportunities to study abroad, mentoring and internships, for small cohorts of accomplished students interested in international service; public health; and politics, policy and law.

"I'll miss leaving my classmates a bit early, but the fast track has been worth it,'' says Cosima Compton, a 2016 business administration graduate of Hartwick College in Oneonta, New York, which offers a three-year plan in 22 majors. "My parents love saving $52,000 in tuition and fees.''

Students get priority in class selection as well as mentoring and special counseling. They also get a complete draft schedule of all courses they might take before they ever hit campus.

Most of these programs so far have drawn a very limited number of students -- only 8 percent of students at Hartwick are participating in three-year options. Partly that's a function of the intense workload and a desire to leave room in the day for athletics and other activities as well as down time with friends in the dorm.

Experts also point out the advantages of having time to develop a network of peers and mentors in college and to explore the curriculum widely. Many students, they note, decide to switch majors at least once. Of course, plenty of people have to spend any extra time they have each week financing their education with a job.

On the other hand, for those who head to college clear about their career path, the shortened time frame can be a big draw.

[Read how colleges are taking steps to prepare students for careers.]

At many universities, high achievers in certain fields can apply to enter the fast track to a master's degree early enough in their undergraduate career to collect both diplomas in as little as four years. Among them: Brown University in Rhode Island, Emory University in Atlanta and Northwestern University in Illinois.

More typically, fast trackers speed to that credential in five years instead of six. Students at Duke University's Pratt School of Engineering can earn a bachelor's and a master of engineering in five years, for example -- as long as they get a B in any graduate class taken as an undergrad and maintain a 3.0 overall in their grad courses. And a growing number of business schools allow an early start so the MBA can be earned in a fifth year.

The latest wrinkle: A few schools, including Quinnipiac University in Connecticut and La Salle University in Philadelphia, have begun offering a combined bachelor's plus MBA that is possible to complete in four years. At Quinnipiac, students seeking the two degrees live with others in the program freshman year and follow a crammed course plan that packs in study abroad and internships. Tuition is frozen for four years, and those taking the shortest route save up to 25 percent compared with the traditional MBA route, the school estimates.

[Explore 10 ways that incoming freshmen can save for college.]

A host of programs similarly provide a streamlined path to other professions. Applicants to Drexel University in Philadelphia, for instance, can seek entry to programs leading to a law degree in six years or a medical degree in seven. And students already enrolled have the option of accelerated tracks to advanced degrees in physical therapy or physician assistant studies.

Georgia State University offers an expedited law program to students who have completed 24 to 30 credits in AP courses before arriving. By contrast, students at the University of Denver's Sturm College of Law can earn a bachelor's and law degree in six years by double-counting graduate law classes as elective undergraduate credits.

Temple University in Philadelphia offers a seven-year combo undergrad/Doctor of Pharmacy option. Besides Drexel, institutions that accept highly qualified high school seniors into accelerated programs that funnel directly into medical school -- assuming the student stays highly qualified -- include Kent State University in Ohio, the University of Missouri--Kansas City and George Washington University in the District of Columbia.

Such programs can clearly offer advantages to the right students. But college advisers caution that the choice should be made only after a clear-eyed assessment of the demands.

This story is excerpted from the U.S. News "Best Colleges 2017" guidebook, which features in-depth articles, rankings and data.