Three Year Degrees?

I just heard a podcast from the NPR show Here & Now about the development of three-year degrees in the United States.  Some schools such as Florida State and Purdue are already putting these in place.  You can hear the audio on the Here and Now website.

They were talking about different aspects of doing this.  This is being pushed as a way to reduce student debt.  Student debt has become is a very serious situation for our country.  Students are coming out of college with a tremendous debt load.  We must do something about this situation.  I was able to leave college with essentially no debt.  I think I owed about $1,700.  A USA today article says "According to a government data analysis by financial aid experts at Edvisors, the class of 2014 graduated with an average student loan debt of $33,000. As the Wall Street Journal points out, “Even after adjusting for inflation, that’s nearly double the amount borrowers had to pay back 20 years ago.”

The podcast addresses several other issues such as the social factors:  Learning to live on your own, making friends, etc.  The interview points out that the British have had three-year degrees as the norm and the other countries in the EU are moving to this system.  What do you think?