There’s been a lot of buzz recently about the implementation of programs that allow you to graduate from college in 3 years.

Hartwick College, a small liberal arts school in New York, is currently offering a program that allows students to finish college in 3 years, saving them $43,000.

Other colleges are jumping on the bandwagon and making similar offers as tuition costs become an increasingly more difficult venture for students and parents.

While there are definitely some perks to finishing college in 3 years (particularly for your bank account!), there are also some pitfalls. Make sure you weigh the pros and cons before deciding whether completing your degree in 3 years is the right decision for you.

Pros:

1. Money Saved

Particularly for those considering private schools, shaving an entire year’s worth of tuition costs off the cost of college makes a significant difference. It also means not having to sacrifice a prestigious private school education in the interest of your bank account.

2. Career Advancement

If you complete complete college in 3 years, you’ll have the  advantage of being able to start your career earlier than your peers.

Want an internship in your field but just can’t find the time? Need a few months of part-time work to get your foot in the door? Finishing college in 3 years gives you the extra time to build up your entry-level resume with professional experience that is valuable to full-time employers.

3. Time Off

Always dreamed of backpacking through Europe? Learning how to fly an airplane? Saving up some extra cash? You can by taking a gap year.

Completing college in 3 years gives you that extra cushion of time to be able to take time to do something different before being tied down to a full-time job or graduate school.

Cons

1. Pressure of Time

College is difficult to complete in 4 years, let alone 3. In order to complete college in 3 years, you have to enter college knowing exactly what you want to pursue and remain focused until you graduate. That means more studying and less sleep!

2. No Room to Change Your Mind

It’s not uncommon for students to change their college majors and minors throughout their college careers, as well as transfer to other schools because of any number of reasons, such as not liking their college town. If you want to finish college in 3 years, this will no longer be an option as your schedule will be airtight.

3. Stunted Social Life

I’m sure you’ve heard it before–a college education is not just what you learn in books! Your college years are your first taste of independence in the social world: you learn to make ramen noodles with your first college roommate, you go to your first “over 21″ party, you might even fall in love for the first time. When you’re trying to complete college in 3 years, you’ll have very little time to develop a social life.

Determine your priorities for your college experience and decide if finishing college in 3 years is right for you.

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