Some colleges are considering a three-year bachelor's degree program

For students who want to cut the cost of college, participating in a three-year bachelor's degree program may be a suitable option.

According to The Associated Press, many institutions across the country are trying to provide three-year bachelor's degree programs for those who want to cut the total cost of college.

Richard Vedder, director of the Center for College Affordability and Productivity, told the news provider that he supports the concept of a three-year degree.

"With rising costs, and new consciousness and new promotion of the concept it might have a chance," Vedder said. "I would certainly hope we do more experimentation with the three-year degree."

Cutting the cost of one full year of college, the University of Minnesota told the news outlet that they have seen a growing number of students graduate early. In 1997, less than .5 percent of students earned a bachelor's degree in three years. By 2007, that number had risen to about 5 percent.

This growing number prompted the school to establish a three-year program this year for students who plan to go to graduate school immediately after finishing a bachelor's.

Another institution that currently has three-year programs is New York's Hartwick College, according to its website.