The MBA may never die, however, and President Barack Obama is trying to work on solving student debt. No one knows how many of Cuban’s claims will come to fruition, yet one jab he made is being felt by colleges and universities.
“For the smart student who cares about getting their money’s worth from college, the days of one school for four years are over,” penned Cuban in early 2013. And, according to new data from FindTheBest, there is some validity to his statement.
The online research engine analyzed federal statistics housed in the Integrated Postsecondary Education Data System, reports the Huffington Post. From that, FindTheBest discovered there is no state where a majority of students graduate college in four years. Here is the site’s proof:
Virginia boasts the highest percentage, with a 46 percent graduation rate, while Nevada lays claim to the lowest, with only 8.75 percent of students graduating in four years.
Massachusetts currently falls in between the two, owning a four-year graduation rate of 31.62 percent. As for six-year graduation rates, however, the Bay State is up to 53 percent.
A variety of factors go into students opting not to stay in school. With tuition costs constantly on the rise and student loan debt averaging roughly $30,000, cost is a major issue. Tie that in with programs like the Thiel Fellowship, which has been paying area students $100,000 to drop out and pursue their passion projects, it becomes even harder for schools to keep students.
And, as Cuban noted, the amount of online learning programs has made it easier for students to piece together a traditional four-year education. Students can take the basics online, such as introduction to physics or intermediate algebra, and then decide which school to attend. He noted doing that does require a higher level of discipline, though:
… to assemble an educational plan that gets you on your path of knowledge and discovery without putting you at risk of attending a school that is doomed to fail, and/or saddling you with a debt heavy balance sheet that prevents you from taking the chances, searching for the opportunities or just being a f*ck up for a while. We each take our own path, but nothing shortcuts the dreams of a 22-year-old more than owing a shitload of money.
As an added bonus, there are several in-person alternative learning programs that also play into this overall picture. Students can look locally to Launch Academy, Startup Institute, Intelligent.ly and General Assembly.
Don’t know which one is right for you? An MIT startup can now help with that, too.