Here's a piece that a reader emailed me quite some time ago (thanks, Blaine) about a college student who graduated college in one year -- thus saving himself a boatload on college costs. The details:
David Banh, an 18-year-old from Annandale, just graduated from the University of Virginia in one year. With a double major.
His college education, almost entirely covered by a patchwork of scholarships, cost him about $200. And he sold back textbooks for more than that. Now he's starting graduate study at U-Va. with a research grant.
So at this point, he's technically running a profit.
The key for him? He got 72 hours of credits from Advanced Placement classes taken in high school. That's a great way to save a boatload of money -- and a tip I wrote about in A Great College Money Saving Tip.
Yeah, this is a bit over-the-top even for me. And, yes, he's obviously very smart and determined, so the tip won't work for everyone. That said, it does show what can be done if someone puts his/her mind to it. Even if your child did a version of this and "only" saved one year of college, that would still be a very significant savings.
For more college savings tips, see these links:
Let me be the first to say "yeah, but..." During the one year he was at UVA, there's no way he had any sort of social life or time for recreation. And, at age 18, one might be able to handle grad school, but most people at that age are ill-equipped to handle the real world. He's probably worse off than the average 18-year-old because he hasn't had the same opportunities for free time that others in his peer group have. It's a great achievement, but I don't think it's worth it to work yourself to death. I "made" money on my college scholarships, but did it over four years instead of one. I had time for a social life and to do some part-time consulting work. I had time to study for and take the LSAT and apply to law school. I don't think I would have ended up there if I finished my undergraduate education at age 18.
Posted by: segfault | November 16, 2006 at 10:49 AM
I had a friend who had lots of AP credits, and he graduated college a year early. He totally regretted it. He wasn't ready to leave. I'm all for saving money, but doing college in one year? That's ridiculous. Part of your college education is the social atmosphere. Rushing through just to save money seems like a waste. Education is incredibly valueable; I don't think it's worth scrimping on.
Posted by: MissPinkKate | November 16, 2006 at 10:58 AM
I suppose a person's reaction to this story would depend on what purpose they believe college has. Some people think the point of college is the line on the resume that says Bachelor's degree. Some people think it's the skills and experiences you gain from putting in the time and work. Here at FMF it's frequently mentioned that a college education give great monetary returns. Does anyone care to speculate on whether those returns are due to a)the greater skills developed in college, or b)a more impressive resume since it says "College" on it?
For what it's worth, I took some APs and came into college with one semester of credits under my belt. That was certainly helpful, but I will say that the AP classes in high school were not as rigorous as my actual college level courses. It's a tradeoff, I suppose.
Posted by: Wendy | November 16, 2006 at 11:57 AM
Depending on what the child wants to major in is an issue also. For example, with Medical School, they will not accept AP classes.
Posted by: Diana | November 17, 2007 at 04:22 AM