May 03, 2016 06:35 AM EDT By Mariel Hemingway, UniversityHerald Reporter

Attending a US college or university can be expensive. Most people who graduate wrack up thousands of dollars in student loan debts to pay off their college tuition. However, there is a way to reduce the costs of getting a college degree.

The answer is simple: graduate on time. Students in four-year courses don't graduate on time and this can be financially taxing. College tuition is estimated to be more than $40,000 per academic year for private universities and approximately $20,000 for public colleges, CNBC reported. Those who add another semester or school year will have to pay increasing college tuition fees and therefore have higher student loan debts by the time they graduate.

Data from the National Center for Education Statistics revealed that only a little over 50 percent of private university students graduate on time. Public colleges fare less with only approximately 33 percent of students get their four-year degree on schedule.

Students can opt to hasten their college studies by opting for three years instead of four so they can save on college tuition fees and lessen their school loan debts. Paul Weinsten of Johns Hopkins University's graduate program told the outlet that it is quite difficult to manage four years worth of academics into three. However, earning credits and getting extra courses can help.

Credits can be earned through AP classes, DSST exams and College-Level Examination Programs and they're cheaper too. Savings can go to college tuition and school loan debts, instead. Additionally, students can opt to get early college classes while in high school.

This is what a high school student in Illinois did. Will Vavrin of Saint Thomas Moore High School will be receiving his associates degree in science from Parkland College, Illinois Homepage noted. Vavrin earned credits while he was in freshman and sophomore year of high school. He is set on going to the University of Illinois when he receives he associates degree and high school diploma.

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