Four Years on Campus Might Be One Too Many

The basic cause of America's student-loan crisis is no mystery: College tuition and fees continue to soar while the earnings of recent graduates remain flat. It shouldn't be surprising that there's also a straightforward way to lower the cost of a college degree: Reduce the amount of time it takes to earn one.

The U.S.'s four-year bachelor's degree is based on cultural convention, not pedagogical wisdom. In most European countries, as well as India, Singapore and Australia, the majority of undergraduate programs take three years to complete. Some U.S. colleges allow enterprising students to finish their requirements early, but that option is available only to those who enter college with sufficient credits from advanced courses taken in high school -- and some elite schools are trying to limit even this practice.