The Three-Year Degree: Risk Mitigation or Educational Threat?
While there are plenty of risks to manage in the higher education sector, enrollment risk is almost always at the top of the list.
Further, college affordability and financial concerns are the leading risk factors for students not pursuing or completing their degrees.
Enter the "3-year" bachelor degree. This option has been around for a while, but with so much press about the cost of college and student debt, it is again making headlines.
As a risk professional, I immediately thought that this degree option could be a risk mitigation tool for students and institutions to battle the costs of college life and declining enrollment. Earlier this year, Forbes Magazine provided valuable insights on the subject.
Congress has also considered exploring the value of a three-year degree. Senator Amy Klobuchar "successfully tucked into a 2024 spending bill a provision that would let colleges use federal financial aid funds to try three-year degrees through the Education Department's "experimental sites" program," according to Inside Higher Ed.
But, as with any risk analysis, you must consider the emerging risks associated with a potential shift in the US education sector from a 4-year to a 3-year degree program.
According to the National Student Clearinghouse, only 10-12% of students complete a degree in 3 years. This statistic does not appear to include students only enrolled in a 3-year program. Therefore, it is more likely that far fewer students are completing "only" a 3-year degree program. This is a small universe, so understanding if more students complete a 3-year degree versus a 4-year program is unknown.
Dive Deeper
To dive deeper, I am sharing a link to a video clip from NBC News from last week. It is eye-opening and sheds light on different perspectives on the "three-year degree."
A Solution for Students?
This story focuses on the "College in 3 Exchange," a program that offers a more innovative approach than cramming in credits from a four-year program to a three-year degree.
More than 15 public and private universities and colleges are part of a "pilot collaboration." Some universities include the College of New Jersey, the Universities of Minnesota at Rochester and Morris, Merrimack College, and Loma Linda University.
The College in 3 Exchange has redesigned the curriculum to include the same number of credits and added internships to help students prepare for the workplace faster.
One student saved 30K and stated that she feels just as prepared to enter the workforce as a student from a traditional program.
Emerging Risks of Three-Year Degree Programs
The cost savings are apparent, but is there a potential downside to the three-year degree.
In the NBC video, Kenneth Marsh, President of the Association of Pennsylvania State College and University Faculties, expressed concern about the perception that a 3-year degree may not be as valuable when seeking a job as a 4-year degree. Marsh further states that programs such as "College in 3 Exchange" may "water down" the educational programming, resulting in a two-tiered education system. From Marsh's perspective, students from lower-income backgrounds may only opt for the 3-year option, which may be "a lesser product" and may not be as valued the same as the 4-year degree when seeking employment.
More questions than answers
Could the three-year degree be the risk mitigation tool US students need? Or might it have unintended consequences that negatively impact more vulnerable populations?
Additionally, could programs like "College in 3 Exchange" create a positive shift in US education sector, offering a comprehensive and cost-effective model akin to the impact of online degrees?
