What's with college students taking so long to graduate?

A friend called me today, all upset because he'd just read that only 53 percent of college students graduate in six years. His daughter is enrolled to begin college in the fall, and he was concerned about her, and his wallet. "I can't afford for her to have a 53 percent chance of success in six years. I need for her to have a 100 percent chance of success in four years," he said.

He'd seen a widely reported American Enterprise Institute study, "Diplomas and Dropouts" based on U.S. Department of Education data.

"It's worse than you think," I warned him. "About a quarter of freshmen don't return for the sophomore year -- so half the problem occurs by the end of the first year."

These data are widely misunderstood, however. What they actually say is that of first-time college students, only 53 percent graduate within six years from the institution where they begin their studies. Many will graduate from other institutions.

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