People often talk about ways to cut down on college costs, and lopping off a semester is one way to do it. I think it is easy to graduate with your class in 3.5 semesters by using AP/DE credits, taking an extra 2-3 credit class in other semesters, taking a january course (if offered), taking an online class or summer class.
Most of the schools would like you to take an online class or go on a semester abroad that first fall, they just don’t want you on campus because they don’t have the beds.