A case is made for maintaining teacher education at the undergraduate level. This paper outlines the core arguments used by contemporary proponents of extended teacher preparation programs, and identifies which of these arguments are recurrent themes from earlier rationales. The validity of the arguments is also assessed. Some of the hidden costs of mandating extended teacher preparation programs as the sole approach to the preparation of teachers are identified and evaluated. It is argued that the key issue is improving the quality of teacher education, and that this may be done within four-year, as well as extended, teacher preparation programs. The issue of whether four year or extended programs are best for teacher preparation will remain for many years; both structures should be possible and effective. (CB)