“In their latest report, Four-Year Myth, Complete College America and its Alliance of States reveal that the vast majority of full-time American college students do not graduate on time, costing them and their families tens of thousands of dollars in extra college-related expenses, as well as lost wages from delaying entry into the workforce. The report also points to spikes in debt in years 5 and 6 and shows that the overwhelming majority of public four-year colleges graduate less than half of their students on time.

• At public 2-year institutions, 5% of full-time students pursuing associate degrees graduate on time. An extra year costs $15,933 in tuition and fees, room and board, books and supplies, transportation and other expenses. In addition, students give up approximately $35,000 in lost wages by graduating late. The total cost: $50,933.
• At public 4-year institutions, 19% (non-flagship) and 36% (flagship/very high research) of full-time students graduate on time. An extra year costs $22,826 in tuition and fees, room and board, books and supplies, transportation and other expenses. In addition, students give up $45,327 in lost wages by graduating late. The total cost: $68,153.
• Only 50 out of the more than 580 public four-year institutions in America report on-time graduation rates at or above 50% for their first-time, full-time students.
• Two extra years on campus increase debt by nearly 70% among students who borrow, according to data from Temple University and the University of Texas – Austin.”