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7 Ways You Can Save Thousands by Going to College Online
Financial Aid  >  Consumer's College Cost Cutting Guide
By GetEducated Consumer Reporting Team  |  December 14, 2009   
 
Saving money
You can save thousands of dollars by going to college online instead of on-campus.

Here's how:



By studying from home, you’ll avoid all college room and board fees. Cost savings can be substantial, especially if you live in an area where apartment rents are lower than the rents typically charged in residential college towns. If you live with your parents or with a significant other you’ll save even more.

Not living on a traditional campus saves you an average of $10,000 annually, according to the National Center for Education Statistics.



By taking classes at home, you won't spend money commuting to a campus. You don't have to buy gas or pay public transportation fares. You’ll avoid parking fees and road tolls. You won’t put as many miles on your vehicle, saving maintenance costs (such as new brakes or more frequent oil changes).

As an example, let's say you have a car that gets 25 miles per gallon, and you commute to a school that's 50 miles away. If you have classes four days per week, you will travel 400 miles (100 miles round-trip each day of class). This means you will burn 16 gallons of gas. If gas costs $2.50 per gallon, you spend $32.80 per week of class—on gas alone. That's about $130 per month.

If you go to school for nine months for four years, that's $4,700 in gas costs alone.



Many online degree programs are accelerated. This means they offer shorter semesters or study terms. Most accelerated degree programs offer 8-week terms rather than 12- or 16-week terms.

Accelerated programs let you earn your degree more quickly. The faster you graduate, the sooner you’ll be able to use your degree to qualify for better jobs and pay raises.

Chop a year off a four-year bachelor's degree, and you can save an average of $7,000 in tuition and fees (the national average for one year of tuition at a four-year public institution in 2009, according to the College Board).



If you are the parent of a young child, you will need to arrange childcare in order to attend classes. This might mean hiring a babysitter or placing your child in a daycare facility.Similarly, if you’re an adult learner, and the caregiver for an elderly parent, you may need to hire others to cover your care-giving duties while you’re at class.

With distance learning, you eliminate these costs.


By going to school online, you vastly increase your choices and are more able to find bargains. You can consider any school in the country that offers your particular degree program online. You will enjoy more choices at lower tuition and fee levels by considering online education.



Say you live in Texas and want to earn a master's in business administration through online learning. The University of Texas at Dallas offers a high quality MBA for $31,000 for residents. However, you can get an even less expensive master's in business online at Western Kentucky University—even though you are a non-resident—for only $12,360, a savings of nearly $19,000. Both degrees are AACSB-accredited, the highest form of accreditation for business programs.



Some colleges charge less for the very same courses if they are taught online rather than on campus.

For example, starting with the January 2010 semester, Saint Leo University in Florida is giving a 10 percent tuition cut to online undergraduate students.

CONSUMER TIP
: Some colleges charge MORE for online courses by adding distance education and technology fees. Always verify fees before signing up for online courses.

Six Tricks Online Colleges Use to Appear Less Expensive
Seven Ways Online College Admissions Reps Pressure Students to Enroll
Five Ways to Earn College Credit for Career & Life Experience
Can Old Undergraduate Credits Be Transferred to a New Degree?
Are Expensive Online Colleges Better Than Cheap Ones?
10 Free Online Classes To Help You Get Ahead on the Job
Four Ways to Get Your Boss to Pay for Your Online Education
Best Tax Credits for Online Education
Best Tax Deductions for Online Education
How to Save Money on College Textbooks—and Even Get Some for Free
GetEducated Consumer's Guide to Student Loans
GetEducated Guide to Scholarships and Free Money
© 2009, GetEducated.com, LLC
 
 
Ask GetEducated!
Q I’m looking for an online MBA. I’ve found several that fit my budget but none are accredited by the AACSB. What is the AACSB? Do I really need a distance MBA degree that is accredited by them? —Roberta, Gary, IN
A The AACSB is the Association to Advance Collegiate Schools of Business International. It is considered the gold standard of business school accreditation. But not every student needs an AACSB-accredited MBA...
Q I was laid off from my job as a real estate agent and want to be a high school math teacher, but my bachelor’s degree is in psychology. Do I need a new degree in education? Will an online bachelor’s in education qualify me to become a licensed teacher? —Willis, Houston, Texas
A If you didn’t earn a bachelor’s degree in education years ago and you now want to teach in the public schools, don’t fret. Every state maintains what are termed “alternative teacher certification” programs...
 
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