College Crunch

A college education is possible whether you want to study online or go to a more traditional college campus. The things to keep in mind when choosing which option is best for you include many aspects. One of these is cost. Considering that the cost of a college tuition today is nearly doubled what it was twenty years ago, and add to that the economic shape of the world, and cost could very well be the deciding factor for many degree seekers. While the tuition for enrolling in an online college degree program will be somewhat similar to traditional college, there are some varying differences.

Traditional college tuition, including books, maintenance fees and supplies, can run up to $20,000 each year for a public four-year university. Those looking to attend a private university can expect this cost to increase to around $80,000 per year. The tuition for the same four-year degree in an online college or university will still include maintenance fees, tuition and book fees. However, room and board cost will not be necessary. Room and board at a traditional public four-year college typically costs up to an additional $50,000. For a private university, the costs are more than doubled at over $100,000. This includes transportation costs as well.

Now, for that same four-year degree in an online degree program at an accredited college or university, you can expect to pay less than $20,000 each year. This saves you the cost of transportation and room and board. You can also expect the actual tuition at an online university to be somewhat lower than traditional colleges because there are no fees for classrooms. Online colleges also tend to charge on a per course basis. This gives students the ability to toggle their class schedules as needed.

If cost is too much for one particular quarter, you have the flexibility to take fewer classes until you can afford more. In traditional colleges, if you were to not complete the credits that are required for your degree within the four-year time allotment, you would have to pay for each additional semester required to finish your degree. With online colleges, you do not have this cost.

Also, keep in mind that if you are planning to attend college out of your state, you will have the additional cost of tuition required of students that are not residents of that state. Most state universities charge this fee for out-of-state students. With online colleges, you never have to pay out-of-state tuition fees because you can study from anywhere.

Online courses will of course vary in costs. Typically, a three-hour credit course will cost somewhere between $600 and $900. Using this cost estimate, an online degree including all textbooks and supplies, will require approximately $7,000 per semester. This is a cost of $30,000 for a four-year degree. Compared to the previously mentioned cost of more than $50,000, you can see that there is quite a savings between online colleges and traditional universities.

According to a survey completed by the US Department of Education in 2001, fifteen percent of all colleges and institutions that offered online degree courses cited reducing student cost as the main reason for offering distance education opportunities.

According to a study for the 2006-2007 school year, the US Department of Education Institute of Education Sciences collected information on various aspects of distance education or online courses and degree programs. The studies have shown that during that one academic year, sixty-six percent or two-thirds of all two-year and four-year Title IV institutions offering degrees reported giving students the option of online or distance education courses. Sixty-five percent reported that they provide college-level courses granting credits and another twenty-three percent reported offering college-level non-credit courses. During this same academic year, distance education, including online degree courses, accounted for approximately 12.2 million registrations.

Throughout the study, the most widely used reasons for offering online courses and other distance education options were for meeting the schedules that students need as well as providing access to college degrees for students who would otherwise not be able to attend a traditional college.

While it is very easy to see the cost benefits of attending college or university online as opposed to a traditional college, you should keep in mind the education that you will receive online. Many people believe that an online degree is simply not the same as a traditional college degree.

According to Sloan Consortium, an institutional and professional organization that monitors all online education programs, nearly 75% of all academic advisers agree that an online degree from an accredited university is just as useful as a degree from a traditional college.

Today, there are more than three million students who are studying to receive their bachelor’s degree from an online university. This number has grown considerably over the past five years, giving more credence to the idea that employers trust the degree that students receive online as much as they trust those received from public and/or private institutions.

Some of our favorite schools for online degrees include:
University of Phoenix
ITT Technical Institute
DeVry University
Capella University
Westwood College