How Much Does an Online Degree Cost?

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If you've heard that online degrees come cheap, you've been misinformed. The fact is, if you expect to receive the same level of instruction and services that you would receive in a traditional degree program, then you can expect to pay about the same as you would for a traditional degree program.

It's Not Cheap
Case in point: according to the Sloan Consortium's 2007 report "Online Nation: Five Years of Growth in Online Learning," online education is not seen as a way to lower costs. When asked what specific objectives they hope to achieve through their online degree programs, reduced or contained costs are among colleges and universities' least-cited objectives for online education.

Number Crunching
So, what can you expect to pay for your degree, online or otherwise? Based on the latest figures from the College Board, a nonprofit association of schools and other educational organizations committed to connecting students to college success and opportunity, average annual tuition and fees in 2007-2008 were $23,712 at private colleges and $6,185 at public colleges. And don't forget to factor in the costs of Internet connectivity as well as any special hardware or software required for your online degree program.

Cost Savings
But when you earn your degree online, you can forget about the added expenses of room and board, transportation, parking, tolls, and other on-the-go incidentals that plague students at brick-and-mortar schools. Plus, an online degree affords more flexibility for holding down a job or staying home to care for children and saving on the expense of child care. And in some online degree programs, textbooks are even included in the cost of tuition.

Finding the Best Deals
Another cost benefit of earning a degree online: state schools usually don't charge higher fees for out-of-state online students. That means you can look for the best deals in online education on a national (or international) scale instead of being restricted to degree programs in your home state.

Financial Assistance
Of course, you don't have to cover the online education cost alone. About two-thirds of all full-time undergraduate students receive grant aid, as reported by the College Board. In 2007-2008, students at public four-year colleges received about $3,600 each in financial aid grants and tax benefits. That figure rose to $9,300 for private four-year college students. Yes, this includes online students.

What It's Worth
Once you've earned a bachelor's degree, online or otherwise, the College Board reports that you can earn over 60 percent more than those with only a high school diploma. Over a lifetime, the gap in earning potential between a high school diploma and a bachelor's degree is more than $800,000.

Online degrees don't come cheap. But when you consider the many cost savings opportunities compared to a traditional degree program, you'll find that online degrees are a sound investment for your success.

by Robyn Tellefsen

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