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I'm always supportive of the "take your time in school" side.
I'm currently going into my 5th year at University, and don't intend on graduating until maybe my 6th year. First 2 semesters at school, I sped through it (16+ credits each semester, and summers off to work for tuition $$). It really depends what you're studying at school, but I know a lot of friends in business who are about to graduate without any work experience, and they are finding it very tough to land a full time job post grad.
As for me, I'm glad I took it slow. I was able to land 2 good jobs (1 through co-op) and at both interviews, I talked extensively about my seasonal/retail/part-time positions and believe it helped me land the position. The references are also important!
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