Over the next few weeks more than half a million students will graduate from American colleges, the vast majority with at least four years of campus life behind them. Indeed, the assumption that it takes four years to get an undergraduate education, but this assumption needs to change.
The college experience may be idyllic but it’s also wasteful and expensive, both for students and institutions. There is no reason undergraduates cannot be completed in three years, and plenty reasons why it should. The decrease in time to obtain an undergraduate would decrease the amount of money. All universities have to do is hire a few more professors. The save in money would not be the only benefit. Students would be able to enter the working forces earlier than before, hopefully boosting the countries economy.

Though I do believe it will be a good way of saving money, I think students need that extra year of university or college. University is not just about education, it's about teaching the student what to expect once they leave. High school is 4 years long because that's how long it takes to prepare students for university life. Some students aren't even ready after that, and take another year to prepare themselves. It is the same for university. The young adults who are thrust upon the world so suddenly will not be prepared. The life lessons the students learn in university, such as dedication, preparation, organization, etc, will not be obtained easily outside the campus. It is difficult for students to grasp these concepts on their own. They need the uni verities guidance. Though shortening the time to achieve a undergraduate would reduce costs, it could drastically effect the students leaving the university or college. They would be unprepared.
http://www.nytimes.com/2010/05/25/opinion/25Trachtenberg.html?ref=opinion